Financial Times , 1982, UK, English

SERVING THE GAS INDUSTRIES

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NATURAL GAS
IGNITERS

COWnNEMTAt S3iU*Q PRrcS: AUSTRIA Soft- IS: BELGIUM Ft 30; DENMARK Kr 5.00; FRANCE FrBM; GERMANY DM2.0; ITALY L 1.000; NETHERLANDS FI 2-26: NORWAY Kr 6.00: PORTUGAL Esc 50; SPAIN PtB BE; SWEDEN Krfi.00: SWIT2BUAND Fr2Ul; EIRE 42p: MALTA 30o

Blllington

p*

GENERAL

BUSINESS

Schmidt Sterling

wins

1

vote of

-r-x*.

: '■ 'X-' '

• --'UV.
.wy

. West. ' German Chancellor
Helmut Schmidt wott a unani-
mous vote of confidence from
Ids Left-liberal coalition after
. months . of wrangling which
threatened to undermine his
authority.

- In a Bundestag vote all 259
Social Democrats and Free
Democrats expressed confidence
in him, au 99.R Christian Demo-
crats and Christian Social
Union members, the opposition
parties, voted against Back

•• .... *-*■*1^

Stance on MSC

TUC nominees on the Man-
power- Services Commission say
- they will fight any attempts by
hew chairman David Young to
cut MSC services Page 3; Man
In tiie News, Bad Page. ' -

Suicide queried

Parents of Dr NaH Aggett, who
-died whale detained by police
under SmifflL : Africa’s anti-
. •_ terrorism laws, could not accept
-that he cosnnhtted strickle.

Page Z. '■

Missile claint L :

: !*?;■; Wd Bfe Soviet.

, - ’ - UntonVjr mred'a'I • M~- medium- '
1 .range. hutieahjDQissiles was at
, an There was no

- . sjgh!> ,: hff .v-pSaosK stopping
deployment r -e^S-20s.

Sovte^^eljed

US- saJd/KaJor yahly Chitov, t
Spviet^iitaj^iy attache, in" 'Wash*
ington,- ^' was r'. expelled for
activities rihcMisi^teiit with his
. . . diplomatic - .status:”

KGSsearch

. . KGB officers: searched the flat

• of - Soviet dissident writer
Georgy Vladimov. and briefly

- detained • his. wife Tor ^uestioD-

• inff. ■ - ■ '•

Boyspn’sattack

Education' Minister Dr Rhodes
Soyson ' attacked the . “per-,
missive age? 5 of -»he late sixties
and . salij- lhc Ten - Command-
. merits, w ete stiii a -gob dstart
fln-Bfe’j; ■ •• v. .

Pyke stopover

Bri tish - - businessman Andrew
Pyke, Jailed for 17 months with-
out trial , in Iran, stopped in
Athens on his way home.

Toxteth denial

Merseyside Chief Constable
Kenneth Oxford denied that
Toxteth, Liverpool, was on the
brink ot note.

Refugees shelled

Vietnamese-led troops shewed- a
refugee camp on the Thal-
Kampuchean bolder an hour
before Foreign Secretary Lord
Carrington arrived for a visit .

All-male vote _

Liechtenstein's 5,200 men vote
tomorrow in ^ectdons to the
lfrseat Parliament Women are
derated a' vote.

£70,000 bagged

A woman’s' handbagr containing
. £70,000, was stolen at Waterloo
Station, London. . The woman
told pofioe tire cash was from
a p rope r ty deal. . :

Briefly . w -»

London marathon ...attracted
60,000 applicants— over twice
the expected number. .

The Queen will spend today —
the 30th. anniversary of her ac-
cession — at Sandringham.

off 1.1c;
gilts op
by 0.20

• STERLING weakened late,
mainly on proposals for lower
North Sea oil prices. It lost
LI cents to $1,859, and fell to
DM 43625 (DM 4.3775) and
SwFr 3.5075 (SwFr 3.515). Its
trade weighted index was 91.6
<9L7). Page 19

• DOLLAR was slightly firmer.
It closed at DM 2MB (DM
2.3425), SwFr L886 (SwFr
L8815) and Y233.6 (Y23&25).
Its trade weighted index was
ILLS (11L4). Page 19

• GOLD fell 3025 to $38425 in
London. Nn New York the
Comer February close was
$384.8. Page 19

0 GILTS were again supported
by hopes of lower international
interest rates. The Government
Securities Index added 020 to
65.15. Page 20

-9 EQUITY leaders closed a
volatile week on a rising note.
The FT 30-share index ended
at the day's best with a 13 gain
to 5782, for a net 1-7 loss on

Inn

Industrial

Ordinary

Index

CHIEF PRICE CHANGES YESTERDAY

(Prices in pence unless otherwise indicated)

y
»*■* ./

RISES

Exchqr lljpc 'SB...£90J

Treas lSJpc 1996... £103*

Amstrad 230

Asscd fisheries ... '73
BAT lads 431

Btundell-Permogiaze 118

Bowater 237

Davies Newman ... 90

Fitch LoveU 84

Haden 218

Horizon Travel ■ — 332

Intasnn Ill

Lee Refrigeration... 240

Uoyd (F; H.) 44*

Muirhead ...134

Saga Holidays

Securicor A NV ...
Smith St Aubyn ...
Sound Diffusion —
Tozer Kemsley ...

Yarrow -

De Beers Pfd

Hong Kong Tin ...
Killinghall Tin ...

Kinta Kellas

Pengkalen

FALLS
Hay (Norman) ...

UBM

LA$M0

161 + 5
222 + 10
48 + 6
71 + 5
73 + 4

310+ 10
359 + 9
475+25
700+25
750 + 25
450 + 90

48-7
56-4
350 — 14

CIVIL AVIATION AUTHORITY MAY REVOKE LICENCES OF FAILED AIRLINE

py.T'-.— — .. — -. — r — — - r T—ryTrw • j • ¥• IV 1

Britons airlifted
in thousands from
holiday resorts

■ --x ■ v— ‘—y x — wui a

anil

Grounded Laker aircraft at Gatwick yesterday

Ashlay Astmood

Receivers to decide on fate
of Laker within six days

BY MICHAS. DONNE AND ALAN FRIEDMAN

J r 1

1 a 3 4 s

. • - Febrnary1982

the week. The FT-Actnaries
Industrial group index flidsfaed
at a record high of 320.70.
Page 20 •

• WALL STREET was up 628
to 85321 near the close. Page 16

• U.S. UNEMPLOYMENT rate
fell to EL5 per cent last month,
its first drop since July. But The
unexpected fall could reflect a
statistical quirk rather than an
improvement in the economy.

Page 2

•, - ITALIAN government
announced the end of its
import deposit scheme almost
a month before -the scheduled
expiry date. The measure was
introduced last May to stem the
trade and payments deficit
Page .2

9 VAUXHALL, the General
Motors subsidiary, captured 1L8
per cent of the UK new car
market last month. Page 3

9 SEALINK UK said it _ was
prepared to revoke its. decision
to poll out of the Newbaven-
Dleppe ferry service, following,
concessions from SNCF, its
French partner, on management
of the route. Back Page

• UK SHIPPING industry will
move away from centralised pay
ba r gaining in the next few years
towards- settlements by company
and by sector within the
industry. Back Page

« FOKKEB, the Dutch aircraft
group, .and McDonnell Douglas
of the U.S., said they had pulled
out of a joint project to develop
a 150-seat airliner. Back Page

9 CD Honeywell BnH. the
French computer group in the
process of nationalisation,
incurred net losses of FFr 430m
(£38.76m) last year, against net
profits of FFr 180m previously.
Page 17

THE RECEIVERS appointed
yesterday to take over the
affairs of Laker Airways have
been given six days to decide
whether to keep the airline
flying or shut it down com-
pletely.

Mr Bill Mackey and Mr Nigel
Hamilton, partners of Ernst
and Whinney. the chartered
accountants, were appointed by
the Clydesdale Bank yesterday
morning after Laker Airways
had decided to cease opera-
tions. " /

The Civil Aviation Authority,
which governs- the issue of all
route licences to UK airlines,
yesterday told Mr Mackey it
intended to withdraw Laker’s
licences unless the receivers
could show within six days ’ that
there was a good chance of the
airline flying a gain.

Mr Mackey made it dear at a
Press conference last night that
be thought this was unlikely.
The Skytrain North Atlantic
service was not likely to con-
tinue, he said.

The receivers, who are to
have talks with Sir Freddie
Laker today, had already
received three inquiries from

1966: Laker Airways founded

1977, September: Skytrain starts to New York

1980, March: 5228m E rim Bank loan

1981, January: Midland Bank-led syndicate signs 6131m Airbus
procurement loan (these aircraft plus seven options)

1981, August: Laker seeks debt rescheduling

1981, November: British Airways, Pan Am, Trans World move
against Laker by slashing fares on Atlantic run

1981, December: Laker survival package agreed in principle

1982. January: Laker severely hit by bad weather, rail strikes
and low load factors

1982, February 2: Laker expresses optimlon on recovery and
future ■ __ .

1982, February 3: Civil Aviation Authority consults Midland
Bank on Laker

1983, February 4: Crisis talks at Midland Bank

1982, . February 5: Laker asks Clydesdale Bank for Receiver; Mr

. William Mackey and Mr Nigel Hamilton appointed.

British companies concerning
the possible purchase of parts
of the Laker business. It would
take at least seven days, how-
ever, to make an assessment of
the degree of interest in the
business.

Mr Madkay explained: “ This
sort of business is not the sort
of business that lasts long after
the appointment of the receiver.
I will seH it quickly or not aft
all

" If there is a buyer he will
emerge in the next few days.

“The whole of the Laker
enterprise has a question mark
over it. The state of the air
fransport business does .not
inspire confidence that there
will be many offers.”

The Laker Airway’s decision
to call in a receiver and
manager was taken early yes-
terday morning, after a board
meeting at Laker’s Gatwick,

Sussex, headquarters.

The full statement issued
after the board meeting said:
“ It was announced on Decem-
ber 24 1981 that agreement had
been reached in principle on
the restructuring -of Laker’s
financial affairs with a view to
securing its long term viability.

“On Monday night it was
firmly believed that the most
stringent of these conditions
had been met and that the way
forward was dear. However, on
Wednesday events took a sud-
den and dramatic turn.

“Yesterday (Thursday), the
fadlities available to the com-
pany from its bank, - Clydesdale
an dtfae arrangements reached
with McDonnell Douglas are un-
happily not considered adequate
by others to meet the antici-
pated requirements of the com-
pany over the next few months,
although Lakers strongly dis-
agree with this view.

“However, as the holiday
season approaches. Lakers are
vitally concerned that there .is
no risk whatsoever that pas-
sengers are stranded as a
result of the airline’s collapse
in the summer months.

Continued on Back Page

BY ARTHUR SAN DUES

THOUSANDS OF British holi-
daymakers are being airlifted
out of Mediterranean, Caribbean
and American resorts this
weekend as the travel industry’s
rescue system swings into
action in the wake of the Laker
collapse.

Tour - operating business
leaders called in about £52m
from Sir Freddie's bankers,
money which all tour operators
have to lodge as guarantees
against financial disaster. This
“bond” cash will go in repay-
ments to tour customers, and
on funding the rescue of those
already on holiday.

First rescued were 127 Laker
clients brought back to Gatwick
from Malaga last night by the
Thomson subsidiary Britannia
Airways. More than 6,000 Laker
tour and charter passengers are
overseas.

Passengers holding non-tour
or charter tickets are not bon-
ded and in theeory tickets are
simply evidence of a claim
against Laker.

Last night, however, many
transatlantic airlines offered to
honour these tickets despite the
fact that they might prove to
be of little value.

All the help and rescue
efforts were insufficient to pre-
vent tearful airport scenes as
holiday plans were ruined for
hundreds.

One Laker aircraft, leaving
Manchester for Teneriffe earlier
in the morning before the re-
ceivership was announced was
turned back in mid-flight, pre-
sumably for fear that on arrival
in Teneriffe it would be im-
pounded by local hoteliers and
others seeking security for their
debts against the airline.

Other passengers on an Air-
bus at Manchester were turned
off minutes before the sche-
duled take-off time when the
pilot was informed of the

collapse. The passengers had to
return duty-free goods they
bought before boarding.

Mr Adam Thomson, chairman
of British Caledonian, said his
airline would carry back home
any Laker North Atlantic pas-
sengers stranded in the UK or
U.S.

Tickets on British Caledonian
North Atlantic scheduled ser-
vices would be provided, on a
space-available basis, on presen-
tation of the return half of
Laker Airways tickets. This
offer applied only to passengers
stranded away from home, not
to Laker North Atlantic passen-
gers who had not started their
outward journeys.

Laker’s tour-operating side,
Arrowsmith and Laker Air
Travel, together made Sir
Freddie Britain’s sixth largest
package holiday group, carry-
ing about 320.000 people on
summer holidays last year.

As Laker slashed prices and
marketed aggressively, so its
tour ' subsidiaries became
Britain’s fastest-growing major
group.

If his 19S2 ambitions bad
been realised he might have
brushed aside Cosmos and
Horizon to rival Tntasun and
Sovereign-Enterprise (British
Airways) to enter the top three
v/ith Thomson, the market
leader.

The Laker departure tons
leaves a potential 400.000-pas-
senger gap at least in the 6m
plus UK package tour ma**et

Tour-operators last night were
predicting a rush for summer
holiday bookings today, since a
market which until yesterday
was over-supplied suddenly
looked tight

Last night most major travel
agents offered instant refunds
of Laker monies paid to them,
and rival operators eagerly
offered alternative trips.

Government may investigate. Page - 3; Feature, Page 12;
Lex, Back Page; Air Florida pilots “ joked about lee,” Page 2;
SAS-Atr France row settled. Page 2: Boeing lay-offs. Page 2;
McDonnell Douglas quits joint project with Fokker, Back Page

BNOC set to reduce UK imposes
North Sea oil prices ^“polZd

BY RAY DAFTER, ENERGY EDITOR

NORTH SEA oft prices are set
to fall by $1.50 a barrel to a
new reference level of $35
(£18.82). The move — made in
the face of a collapsing spot
market— will put pressure on
members of the Organisation of
Petroleum Exporting Countries
(Opec) to reduce their official
rates.

British National Oil Corpora-
tion, the leading trader of
North Sea oil, is expected to
announce ac ross -the-board re-
ductions in UK crude prices
early next week, probably on
Monday.

The cuts will reduce the
Government’s North Sea tax
revenues by between £200m and
£S00m in a full year, although
this loss would probably be
partly offset by a consequent
weakening' of the pound against
die dollar. Oil is priced in.
dollars.

The proposed reductions are
being made in response to
market forces which have
already sent international pro-
duct prices spiralling down-
wards. to the UK there is still
no sign of an end to the petrol
-price war which, in the past
month, has lowered the average
price of petrol by over lOp a
gallon.

Only three months ago BNOC
raised the reference price of
North Sea crude by $1.50 a,
barrel to $36.50. The State-
owned corporation was hoping

to maintadn tins level, at least
until the end of March when
prices were due to be reviewed.

Bat wdtitin the past fortnight
BNOC has come under increas-
ing pressure from major oil
companies — like British Petro-
leum, Shell and Esso — which
have seen the spot price of
North Sea crudes phsmxneting.
With this in mind some com-
panies have been urging BNOC
to slash contract rates by as
much as $3 a barreL

A combination of factors has
led to the new oil pricing
muddle. In spite of the recent
cold spell in Western Europe
and the U.S., companies con-
tinue to hold large stocks of
oiL Increasing output of non-
Opec countries, like the UK and
Mexico, is swelling international
supplie

As a .result of the likely
BNOC move, some grades of
high quality North Sea oil will ;
be cheaper than much inferior !
grades produced in the Middle j
East • '

Although ail producers will !
be forced to reappraise their ;
pricing stance in the light of !
the UK move, it will be the
African producers of high grade
oil which will have the most
difficulty in defending their
present price levels. Libya, for
instance, is charging official
prices of $36.50-537 for crudes
of similar quality to those pro-
duced in the UK.

By David Buchan ami
Paul Cheese right

THE UK yesterday became foe
first European member of Nato
to impose sanctions against
Poland and the Soviet Union
since the start of martial law
in Pohmd .eight weeks ago. .

The cost of the sanctions to.
the UK this year is likely to
be at least £100m. This results
from the derision — agreed with
other Western official creditors
on February 3 — to suspend dis-
cussions on the rescheduling of
Poland’s 1982 official debt
The sanctions were announced
in foe Commons by Mr
Humphrey Atkins, Lord Privy
Seal. They are part of a Nato'
effort to show that the Western
alliance is united in condemn-
ing the military takeover in
Poland by General Jaxuzdski,
and .the role of the Soviet Union
in supporting pt It is unclear,
however, how . quickly other
allies will follow suit.

The immediate effect of the
economic measures is to bold
British commercial deals with
Poland to a minimum. Trade
measures against the Soviet
Continued on Back Page
Poles see fall in output. Page 2

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^Financial Times' Saturday Febr

OVERSEAS NEWS

White union leader dies in Johannesburg cell

BY BERNARD SIMON IN JOHANNESBURG

Gen Geldenhays

A PROMINENT South African
trade unionist has died in police
custody' two months after being
detained under the country’s
security Jaws. Dr Nell Aggett
Transvaal secretary of the
African Food and Canning
Workers’ Union, the most influ-
ential trade union in the food
industry, was found hanged in
his cell at John Voreter Square,
Johannesburg's police head-
quarters. According to the
Commissioner of Police, Gen.
Mike Geldeohuys, “everything
indicates that he committed-

suicide."

Dr Aggatt is the first white
security detainee to die in cus-
tody. His death is bound to re-
vive memories of the Wads
consciousness leader, Steve
Bika, who died in a Pretoria
prison in 1977 after allegedly
being tortured by police in-
terrogators. Almost 50 people
have died in police custody
since 1966.

South Africa's stringent
security laws allow for indefinite
detention without trial. A Judi-
cial Commission of Inquiry into

security • legislation, whose re-
port was published earlier this
week, proposed that tfie system
should he retained but 'with
limited safeguards against the
maltreatment of detainees.

The Minister of Police, Mr
Louis le Grange, assured Par
liament on Wednesday that
measures had been taken to
prevent security detainees
“harming themselves or com-
mitting suhSde."

About 130 people are cur-
rently detained under security
laws. No reason has been given

for tfieir imprisonment but Mr
le Grange has indicated that
the authorities are preparing a
trial later this year in which a
comparatively large number of
accused wifi face charges of
subversion and support for the
banned African National Con-
-.gress (ANC).

Parents of other detainees
gathered outside John Vorster
Square yesterday morning,
demanding to see their children
to ensure £hat_ they are Still-in
good health.

Criticism of the wide powers

given to the authorities under
security laws is gradually
mounting in South Africa.

• Strikes and work stoppages
rose by 65 per cent in South
Africa last year over the pre-
vious' year; 'acCarding''tb the
Department of Manpower. A
total of 342 strikes, involving
93,000 workers (all of them
black \ were recorded In 1981.
The figures do not include go
slows, bans on overtime or
. .other . increasingly ... prevalent
forms of worker .pressure on
companies.

\

\

Italy drops import

/

deposit scheme

BY RUPERT CORNWELL IN ROME

AS NEW* evidence emerged of
a slowdown in Italy's inflation
rate, the Rome Government
announced the end of the
controversial, import deposit
scheme it imposed last May—
almost a month before the
scheduled expiry date of
February 2)3.

The measure, introduced to
stem a hu^'e trade and pay-
ments deficit, provided for the
mandatory deposit of 30 per
cent of the value of shipments
by importers for a period of
three months.

It was originally to last only
until October, but the authori-
ties then decided to phase it
out gradually .over the sub-
sequent five months. Recently,
the deposit required has been
only 15 per cent

The decision reflects a marked
improvement in Italy's balance
of payments. But it is also an
attempt to put psychological
pressure on Paris to drop its
protectionist curbs on Italian
wine imports, which Rome fears
might be extended to other
Italian goods.

Sig Nicola Capria, the Foreign
Trade Minister, declared after
yesterday's Cabinet meeting

that the scheme was no longer
necessary. “ With this be-
haviour.” he said in a clear
reference to France, “we are
asking other European countries
not to adopt protectionist
policies.”

Further good news has come
with statistics showing a drop
in Italy's inflation in January,
bringing the 12-month rate to
17.3 per cent, a full percentage
point down an the December
figure of 18.3' per cent

Yesterday’s cut in the petrol
price, the first in 21 years, has
also fuelled hopes that inflation,
long pinned at 20 per cent or
more, may be moving down
closer to the European average.

Since the summer, the
country's trade figures have
improved notably, as exporters,
helped by higher productivity
and 1981's two lira devaluations,
have exploited their extra com-
petitiveness.

' 'According' "to Sig Nino
Andre art a, the Treasury Minis-
ter, the current payments deficit
dropped- from L7.t)00bn f£3bn)
in the first half to L2,000bn in
the second six months of last
vear.

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\

Poles see
10% fall
in output

By Christopher BobinskI in
Warsaw

POLAND’S planners -have
scaled down the country’s
expected economic perform-
ance in the first quarter of
Ifae year, according 1 to the
economic weekly Zycie
Gospodarcze.

The latest issue of the
appear reports that the drop
In Industrial production this
quarter, compared with the
same three months last year,
will he between 10 and 11 per
cent. Two weeks ago. the
Planning Commission had
estimated a drop of between
8 and 10 per cenL
* More optimistically, fbe
planners have now raised
their estimate of the amount
of meat the state will be
buying from the fanners by

22.000 tonnes to 432,000
tonnes in the first quarter.
The estimate for the second
quarter has also gone up by

58.000 tonnes to 418,000
tonnes.

An extra 700,000 tonnes of
oil is expected to be refined
in the first quarter to bring
the total amount refined up
till March to 3.5m tonnes — 1
per cent down on the same
period last year.

In a sign that the authori-
ties arc placing the highest
priority on coal production,
additional amounts of scarce
hard currency are . being
assigned 'to imports of
machinery for the mines.

Plants producing mining
machinery and equipment are
to be switched to a six-day
week. According to official
figures, daily coal production
is higher than last year.

This, taken with compul-
sory Saturday working, albeit
at more than twice the normal
pay rates, means that in
theory, coat production this
year could reach 186m tonnes,
23ra tonnes more than in 1981.

However, the authorities
have already admitted that
the most important brake on
production is not labour but
shortages of equipment and
spare parts.

On January 22, Gen Czeslaw
Piotrowskl. Mining Minister,
told a parliamentary commis-
sion: “We must realistically
take into account that the
present rate of production will
drop as early as February ” as
a result of these shortages.
Thus the annual plan for coal
has been set at between 170m
and 175m tonnes, compared
with 163m tonnes in 1981.

It is not clear how (be
latest decisions on bard
currency and additional
machinery will improve this
situation.'

• A military court has sen-
tenced nine men to prison
terms of between three and
seven years for leading a
strike at the Ziemowit mine in
Silesia between December 15
and 24 last year. The strike
was in protest against the
introduction of martial law
on December 13.

Another military court sen-
tenced six Solidarity activists
in north-western Poland to
terms of between one year
and four-and-a-half years for
continuing union activity.
The men were charged with
setting np a strike committee
for the Slnpsk region, presum-
ably Just alter December 13.

In Gdansk, courts have
fined and sent to prison 134
of those arrested during
clashes with police there on
January 30. The prison terms
range from three mouths to
one month.

David Satter reports from.
Moscow: The Communist
Party newspaper Pravda
yesterday suggested that the
Polish Communist Party
should take decisive action to
build on the “ stability " that
martial law' had given the
country.

The newspaper said that
martial lawTiad re-established
order In the streets and
created the conditions for a
normal working life, hut
strengthening of the founda-
tions of the Polish state would
require derisive and con-
sistent action by the Polish
party.

Deposi Is of Cl ,000-C50,000 accepted for fixed terms or3-I0 years.

Inleresi paid grass, half-yearly. Rales for 'deposits received not laler than 192.82
are fixed for the terms shown:

Terms [\earsi

3

A.

5

6

7

8

9

10

Interest %

131

131

13i.

134

13?

H

M

)4i

Finance for Industry limited

Air Florida crash pilots ‘joked
about ice’ before take-off

BY ANATOLE KALETSKY IN WASHINGTON

THE PILOTS of the Air Florida
jet which crashed here last
month, killing 78 people, joked
about the burld-up of ice on
the wings of tfiieir own or other
aircraft and- -appear to have-
carried out an unusual
manoeuvre just before take-off .
t-o enable another aircraft’s ex-
haust fumes la dear the-ice "Off “
their wings.

There may also have been
pressure on the pilots to. take
off once they had reached the
runway because an incoming
aircraft was in its final ap-
proach, after the Air Florida
jet had been cleared for take-
off. . .

The National Transportation
Safety Board, whddi has re-
leased a transcript of the Air
Florida Boeing 737*s voice-
recorder tapes, has emphasised
that no conclusions about the
cause of the crash should be
drawn until its investigation hasr
been completed.

However, the conversation be-
tween the pilot and co-pilot in
the 30 minutes before the air-
craft crashed into- a bridge
over the Potomac River, less
than a minute after take-off,
seems to reinforce the theory
that accumulations of ice on the
wings may have been respon-
sible.

Twenty minutes before, take-
off. the pilot, Larry Wheaton,
remarked: “It’s been a while
since we’ve been de-iced. Seven

Boeing layoffs

Boeing, the. largest VJS. air:
craft manufacturer, yesterday
.said it will bave to lay off a
further 4,000-5,000 workers at
its main Seattle production
facilities this year, matching
■the lay-offs it- was- forced to
make in 1981. our New York
Staff report.

Boeing said about half the
eats would be made through
lay-offs, with the rest costing
through natural wastage or
transfers. About 2,000-3,000
of the job cuts will he made
in the first half of this year.

minutes later; after a
manoeuvre which apparently in-
volved putting the Air Florida
Boeing behind a New York Air
DG9, the co-pilot asked: “Can
you see your -wing-tip over ’er?"

The pilot replied: “ I got a-
littie on mine." The co-pilot
then said: “A little . . . .This
one's got about a quarter to
half an inch on it all Hie way.”

A few minutes later, the co-
pilot said: “Boy, this is a losing
battle on trying to de-ice those'
things. It gives you a false
sense of security, that's all it
does.”

The pilot replied: That satis-
fies the Feds." This may have
been a reference to the Federal
Aviation Administration regu-
lation that aircraft must not
take off with ice or snow on

. their wings or fuselage.

Five minutes later, as the
take-off began, the pilots com-
mented --that - the runway was
slushy. As the aircraft began
to lift off the ground, the co-
pilot said: “That doesn’t seem
right, does it? . That’s not
right” A few seconds later, the
pilot was saying “ Forward . . .
forward . . . Just barely climb. 1

Five second later, the co-pilot
exclaimed: “Larry, we're. going
dowrt'Lairry!'" The pilot replied:
“I know it,” and immediately,
there was the sound of a crash.

An Air Florida official said
yesterday that the pilot and co-
pilot may have been referring to
other aircraft when they were
talking about ice accumulations.
The Coni lot “could not see the
wings of his own plane, just the
tips.” the officialsaid- -

The National Transportation
Safety Hoard said yesterday that
it would be highly irregular for
aircraft to pull up behind an-
other one to remove ice from its
body and also confirmed that the
Air Florida crew had been asked
to expedite their take-off be-
cause an incoming plane was in
its final descent

.However, much more evidence
still has to be- sifted and the
final report is not likely to be
drafted before April or May. An
official decision on the crash will
probabl y com e only five of six
months after The acrid ent
occured.

Lavie deal
likely for
McDonnell

SAS settles row
with Air France

BY WILLIAM DULLFORCE, NORDIC EDITOR, IN STOCKHOLM '

By David Lennon In Tel Aviv

THE McDONNELL Douglas air-
craft corporation is the most
likely candidate for. partnership
in the development and produc-
tion of Israel’s planned new
Lavie fighter, according to offi-
cials.

They said that if agreement
is reached, the U.S. company
will produce about 30 per cent
of the aircraft McDonnell
Douglas would be expected to
make the wings and tail as well
as providing some of the sophis-
ticated technology.

In return, Israel will under-
take to '“purchase McDonnell
Douglas's F18 fighters to spear-
head its Air Force. The Lavie
will serve as a workhorse
fighter bomber.

An Israeli Defence Ministry
and- aircraft industry delegation
is currently in the U.S. for
negotiations with- McDonnell
Douglas and General Dynamics,
which is also still interested in
co-production of the new
Israeli aircraft. But McDonnell
Douglas appears to have the
best chance of winning the
deal. Neither- company would
comment on the negotiations
yesterday.

THE PRICE-CUTTING battle
between Scandinavian Airlines
System (SAS) and Air France
was settled yesterday during
the visit to Stockholm, of M
Claude Cheysson, the French
Foreign Minister.

The prices for both SAS's
Euro cl ass/economy and Air
France's Classe Affaires flights
between the three Scandinavian
countries and France have been
fixed at a level 10 per cent
lower than the economy rate
prevailing in November, when
SAS introduced the Euroclass.
Both airlines will introduce a
new special economy class rate,
a further 10 per cent cheaper.

At a joint Press conference,
M Cheysson and Mr Ola Uilsten,
the Swedish Foreign Minister,
said their officials had found a
compromise ” taking into
account the interest? of both
airlines.” SAS maintains its
principle that the enhanced
Euroclass service conforms to
the rules for economy rates,
while Air France wins parity in
price for its Classe Affaires.

Air France, however, has had
to make the larer cuts in price.
A one-way Classe Affaires
ticket between Stockholm and
Paris, for .instance, will be 24

M Cheysson

per cent cheaper at the : new
price of SKr 1,995 (£188).

Mr Jan Carlzon, SAS's manag-
ing director, saad he was satis-
fied with a settlement which
left intact tiie principle that
EurocJass was an economy class
fare. The principle was the key-
stone in a programme to restore
profitability in which SAS had
so far invested SKr 120m.

Other West European air-
lines are now understood to be
planning new services to take
up competition with Euroclass
in the spring.

Shock for

in first Irish

Deceptive fall in U.S. jobless

BY REGINALD DALE, US. EDITOR IN WASHINGTON

UNEMPLOYMENT in the U.S,
dropped unexpectedly to 8.5
per cent in January from a
revised December figure of 8.8
per cent — the first fall since last
July. The Labour Department
warned, however, that the figuife
was unusually difficult to inter-
pret and said that it did not
necessarily mean that there had
been any real improvement in
employment

The Department said that

January’s drop in unemploy-
ment from 9.6m to 9.3m season-
ally adjusted was accompanied
by a decline in the labour foitc
of 300,000. and there was there-
fore no corresponding pick-up
in employment.

' The apparent decline in unem-
ployment was due to the
seasonal adjustment process,
which is designed to compensate
for the usual tendency of com-
panies to lay off large numbers

of workers in Janu aiy.

Less workers than usual were
laid off this January, possibly
reflecting the fact that so many
were already unemployed, the
Department said.

Many economists both inside
and outside government have
predicted record postwar unem-
ployment rates of 9 or over 10
per cent, as the recession
reaches its trough, in .the first
quarter of this year. '

OPPOSITION REPEATS LEGAL APPEAL

French takeover challenged again

BY DAVID WHITE IN PARIS

CENTRE - RIGHT opposii ion
leaden announced yesterdav
that they would appeal a second
time to the Constitutional
Council against the French
Government’s nationalisation
Act.

The Act. in a revised form,
was passed by the Socialist-
dommated National Assembly
in its final reading yesterday.
It included several changes —
most importantly new compete
sation terms — from the original
Act which was vetoed by the
nine-roan Council three weeks
ago.

M Jean Le Garrec, the junior
Minister in charge of the
nationalisation programme, sa4d
the Government would exercise

its right to ask the Council to
produce its verdict in a week,
rather than the standard one-
month period.

A second: rejection of the Act
would risk provoking a political*
crisis as wen as holding up still
longer the implementation of
Government pkms for the ex-
panded public sector.

The Council, whose members
are appointed by 'the President
and the leaders of the National
Assembly and the Senate, has
the final say on constitutional
matters. All its current members
were appointed before Presi-
dent Mitterrand's election in
May.

In a bid to repeat - their
success in blocking the

nationalisation Bill, opposition
members also referred a law
on Corsica to' the Council
yesterday. The law. designed
to forestall a resurgence of
autonomist violence on the
island, provides for .a. special
regional .statute and a new
assembly to be elected later
this year.

The nationalisation law covers
five ' top industrial conglomer-
ates, 39 banks and the wide-
ranging Paribas - and Suez
shareholding empires.

FINANCIAL TIMES, published daily
et'cepT Sundays and holidays. U.S.
subscription rates $365.00 per annum.
Second Class postage paid at Now
YorV. N.Y., and at additional mailing
centres.

\

By Brendan Keenan m Dublin

THE FIRST opinion poll pub-
lished since the Irish General
Election was called Has pro-
duced a severe' shock for the
Opposition. to particular
for its leader,. Mr -Charles
Hanghey.

Despite the harsh budget
and the defeat of the Govern-
ment, the poll shows the two
sides nnraiB g ; neck utd neck,
in virtually the same position
as that which produced last
Jane’s . . deadlocked Parlia-
ment -■.■•'*■

But the outgoing premier.
Dr Garret FitzGerald, has
opened with a 20 point lead
over Mr Hanghey as the
voters* choice for Taoiseach
(Prime , Minister). The poll,
conducted by Irish Marketing
Surveys for the Irish Times,
shows that 51 per cent at the
electorate prefer Dr . Fitz-
Gerald, against only 5l per
cent for Mr Hanghey.

Dr FitzGerald said he was
not- surprised- by the poll. He
had believed all along- that
the electorate would see -that
the budget was necessary. .
" The Opposition’s director
of elections, Mr Albert
Reynolds, pointed-out that the
poll showed the electorate
thought Flanna Fail would
handle jnost ..of., the . major,
issues better, including
unemployment, wWCb over 40
per cent thought was the most
important issue. . .. .

Dae of the ' few braes on
which the coalition . Govern-
ment scored better 'was
Northern Ireland, where 30
per cent favoured •" its
approach as against 24. per
cent for the, Oppositiom This
suggests some:endorsemeixtpf
Dr FitzGerald’s conciliatory,
approach and his desire; for

change in the Republic. '

There is already some talk
in Fianna Fall that the party
would be faring much better
under a different leader: Mr
Reynolds said - that - Mr
Hanghey had been the subject
of a vicious personal
campaign. ■ - " '

- Whatever the reasons for
MrHaughey's low standing; it
is dear that even a narrow
win could leave him - with
problems in his own party. In'
the circumstances of this
election, anything less, than a
sound overall majority could
lie ' somethin g / of a Pyrrhic
’Victory.- . • r -v-* •

Military
resumes
control ill
Surinam

By Charles Batdieior ln
A ms ter d am.

THE ARMED fauces 1 ka MnC
former . Dutch; eolony..
Surinam have, resumed /dir&t :
control jrf the country, fon&gf.
the civilian, adimi n istration rs&j
of office.- r_ ‘i

The military: stepped 1 in wfcar .-
it became . dear that . the Gov-.-,
ernanent of . Me Henk \Cbjn-a-;
Sen, the -Prime Minister; coda ■
no longer function, ' Lt-Gol -Desi ;
Bouterse, /leader of tbelBfftary ;

announced' tfa^tele- ;

Mubarak firm on
Camp David process'

PRESIDENT. Easin' Mubarak
of Egypt left Washington for
London last night finoaly com-
mitted to con ti n uing the
Camp. David peace process
with Israel, but without , the
Increased American economic
aid he bad originally sought,
Reginald Dale, U.S. Editor,
reports from Washington.

After three days of talks,
Mr Mubarak appeared happy
with Washington's agreement
to increase the flexibility with
whieh Egypt may use TLS.
economic aid, currently run-
ning at about $lbn A -year. :

vision, . .

Confirming /reports "W - the
return to direct mifitary . ride, ;
the ^Surinam Embassy 'incite -
jSague : “said . tlie : sitnatioa? "-in
'.Paramaribo, the . capita!/ was .'

/calm.. .. "/../I r :K'-'

. Surinam, on the northeast
Shoulder of South-Ameri^ira.
been ; tinder .a - state ■ of. emer-i
gencysince Angust 1980. There
'wfli be no tightening '• jjf -the
curfew, an - embassy official/
said. ' ; ..v- ..

- The intervention by the five-*
man 'Military Council resulted
from a growing conflict within
the civilian Cabinet over pro-'
posaJs for a hew constitution^
Un der-the-dxaft- which- has been ’
under consideration . in recent
months, a French-style Presi-
dential system- would be intro^,
duce&r- ' •- ' ' ■'

The resumption. of power! by
the armed forces was -necessary
to a mow & fundamental solution
of the '-problems faring the
country. Col Bhaterse said. - • '

■' He' promised that the military
would resolve the 7 dlfGcititres as
quickly *£ possible. There was
.ho reasmv for panie, he added,.

'support Jeveh more /firmly the
. suras <tf tfte-.feyolntion. . ‘ '

; The'- .army took power in
Siijinam.In.Februuy lBSO. just
over four years after the Dutch
pulled ; out after 300 years of
colonial ruIe. A-ciyilian admhu-
(. stration was ; appointed three
r weeks later iratsopreme control
remained , in -the hands of . the
militar y cxphtil.'- '

.The military = resumed, direct
control of . government ’’ f in
Angust 1980, forcing the Presi-
dent, Mr Johan Ferrier, out of
office. Mr Chen-a-Sen, Prime
■Minister. at the time, was asked
to take over the Presidency as
well. Be. has remained in power
/ever since, but hinted, several
months ago that .he would
resign unless there was a swlft
return to democracy.

NDsel givi
[A case
spending

— - \

1981-82

71st edition

A leading reference source provfcftig incomp^^ orr

financial trends, expert evaluations oninternffiranffibahWog •
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Contents indude: -.

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• The banking scene.araond the. vitfsW -Caina^TJ^ ’ : "

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S. Africa Middle East Hong Kbrig, depart; S. Asia AuSraJasia. :

geographically and wittian analysfeof each bank^acajunte ..'^

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3

Sp^ndingto
create jobs

Vauxhall wins 11.8% market share

iM;

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^uiiies f;

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3£*s ■

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_ -. .®lr Max- VnUmoiv

Eoonomk» Cormpoiidmt

' HR LEON BRTITAN, Chief
Secretary -to the Treasnzy, yes-
terday emphasised fee Govern-
' .menfs determitratiotr to resist
’ ..^pressure for an increase, in path
fic spending to mop-up ttnetm-
• pfojtoent.

• In a speech in Gtdsborouife,
"Cleveland. he described as
“seductive" but “^Mounded”
the -idea feat the jobless now
cost the state' so touch feat it
would te as cheap to - provide
them wife work.

. ' Recent. estimates suggested
that the ' cost'- of unennploynient
to the Exchequer was £80 to
'£90 * head each week from
. benefits,- lost taxes- and tost
national insurance coatrSbu-
tionB.'

- ' He added: . “This has led
some - people to conclude that
. this is a sum of money, avai-
lable to the Government, which
: could be spent on useful jobs
*• at no cost to pubfie funds: an
appealing prospect, hut alas,

• ' fllcreory.”

v. It was absurd to expect that
I. a sum of money equivalent to

- the total cost of unemployment

- could, be spent without- severe
..consequences for Inflation.

- Even if the Government paid
a wage of .£90 a week to pro-
vide work for an unemployed

- person, it would only save £30
a week from, .benefits no longer
paid out and £30 a week re-

: covered in tax and national
insurance contributions. This
: was only' a saving of £60,

. against £90 paid out in wages.

Although, these were broad
average .-figures, they indicated
that jobs could only be created
without the Government incur-
ring additional costs if the net
wage paid to people taken off
the dole was less than £30 a .
'week.

' The only -secure way to
reduce unemployment he said,
was -to. tackle its root causes:
loss of' competitiveness of the
economy, endemic inflation and
die obstacles to growth.

BY K£fcRi(£TH GOOOP4G, MOTOR INDUSTRY CORRESPONDENT
THE MARKETING shake-up

Vamdrall, General Motors’ sub- UK CAR R

rtdiaiy, is paying off. Hie com-
pany-captured UR per cent of

the new car market in January.

_It is >the third mouth run- Total UK produced 4

ning that Vauxhall has won as Total importsf «

11 per cent share. Its penetra- Total market 11<

tlon for fee whole of 1981 was

oifly slightly over 7 per cent. Ford* a

But the company has is- BL* ii

creased substantially its imports Z ~~

from GM plants in Belgium and Q ?? . M°tor»—

West .Germany .to cope wath £*“J haM 1

the increased demand, mainly .

for fts sew front-wheeMrive Total ^ *

Cavalier. I “

• . Peugeot group—

About 2,372 of the 13,524 Talbot*

Vauxhall s registered last month Citroen
eame from Belgium and a Cur- Peugeot
ther 3,553 -from West Germany Total Peugeot

—or nearly 44 per cent of fee — v —

total. vw-Audi i

Vauxhall aims to maintain its ?***“? 4

market share above 11 per cent 55™ J

for the whole of 1982 and reach ■

16 per cent by 1985 wife help F * afr4anda
from Opel, . its sister company *

in West Germany. The two • Includes cars from companies*
marques are now being sold induded in the total UK figures
fereugn fee same dealer net- induding can from Continental a
work.

Vauxhall 's advance to

have bees mairriy at the expense

of BL and Talbot. BL’s market says feat its sales campaign i
share in January fell to just December pulled forward man
over 14 per cent The company purchases by private buyer

UK CAR REGISTRATIONS

January

' 1982 % 19S1

45,978 40.23 64.024

68318 S9J7 72^84

114J96 . 700.00 136,108

Ford*

36,059

31.55

43.992

32_32

BL*

16,141

14.12

24J55

17.82

General Motors—

Vauxhall*

13,542

11.84

8.217

fc04

Opel

wsi

2fl73

Total GM

14,919

13j05

10.366

7.62

Peugeot group—

Talbot*

M09

3-07

6.965

5.11

Citroen

1441

2j017

Peugeot

1,720

1,930

Total Peugeot

7,670

6-71

10,912

342

VW-Audl

M80

1AL

6,739

455

Datum

4^00

5J51

10J595

758

Renault

5,040

4.41

6,572

4*3

Volvo

4351

3.98

3,995

2.94

Fiat-Can da

3,306

2J9

5,492

454

• Includes can from companies* Continental associates which are not
induded in the total UK figures, t Includes imports from all sources
induding car? from Continental associates of UK companies.

Source; Society of Motor Manufacturers anti Traders

says feat its sales campaign In who would otherwise have
December pulled forward many waited until fee new year,
purchases by private buyers BL expected a 3 per cent

market share for the new
Triumph Acclaim, made under
licence from Honda of Japan,
but has so far not achieved this.
In January the Acclaim had a
2.49 per cent penetration.

The fall In Talbot’s sales is
serious but the company ex-
pects better things now that the
Horizon is being assembled at
Coventry — thus can be counted
as “British" — and when the
new smxl car, fee Samba, is
launched in March.

New car sales in January
were hit by fee bad weather and,
at 114396, 16 per cent lower
than the same month last year.
The importers* share increased
from 52.9 to 59.77 per cent —
near the record level but not
quite as high as the 63 per cent
recorded in August 1980 and
1981.

The -figures are produced by
fee Society of Motor Manufac-
turers and Traders.

January’s top ten bestsellers
were: 1. Ford Escort (12.912
sold) 2. Ford Cortina (12,600)
3. Vauxhall Cavalier (6,647) 4.
Ford Fiesta (6,550) 5. Austin
Metro (5914). 6.. Vauxhall

Astra (3,894) ' 7. Triumph
Acclaim (2.852) 8. VW Golf

(2,811) 9. Volvo 300 series

(2,552) 10. Vauxhall Chevette
(2,513).

• • — ud.

■

■ ~nV

“i:i ja: •
-Sd*

1 risstf

• ■ *.=££,

v -

. • ' frS-

nkins

Counsel give
ILEA case
for spending

By Robin Pauley

' . MEMBERS of fee Inner London
' - Education. Authority ore teSy-.
• mg jm wrauseJs advice tofeenu
as opposed to CounseTs advice
to their officera^to |>roNart them
. from; legal* .Aptian against a
planned .budget- of £802m and
a' 15 per-reptijte increase in
1882-83.-'"- ~ ’ " - •

HJBA’s d^eulties stem, from
fee (fact feirt fee'. Government
has set q/itajRBf of: £6S0m for
1982-83, compared wife £790m
required.' to- -TriatiTrtam present
po^es-TLBA,' led by Labour
left-wingers, plans new growth
which ’would push this total to
£802m. :; -. ■' '

• Mr ^AlexM^trr lmne, QG, and
- Mr Janies Goudie have advised
. ’• members feat' there is phfinfly
evidence enabling them to argue
"feat to avoid, . unacceptable in-
juiy - to fee education system,
even a reduction to £7Km
would have, to be stfestagtiaSy
avolided. -TMs is fee -amount
ILEA wentid need to qpend to
meet.. a . 7 per cent cut— fee
maximum -.requested by fee
GovorimwntfTHwaiig.-^^ own.
inflation .assumptions. .

A : decision feat this figure is
too low could be . reached after
giyinig 'aB. due weight to fee
consequences for ratepayers.

“Government . exhortations,
which .. .are of no legiriative
status are hut one important
(not - determinative) factor
whteh. TTJRA must weigh in fee
balance," fee advice says.

;They add that if a,thorougb
review by HxElA, related to costs
to ratepayers,, xesidtedf in a .de-
tision that there were weighty
educational reasons for not mak-
ing savings; the decision could
not be successfully challenged
legally as unreasonable.

In an addendum they say that
if ILEA acted in accordance
with their advice, it would be
acting in the belief that the
expenditure was authorised by
law and .therefore its members
would be free from risk of sur-
charge. . ... _■

Sir Frank Layfleld QC, advis-
ing MJSA officers, said fee fur-
ther 'from a budget of £735m
ILEA moved, fee greater fee
degree of risk.

Babcock to
shed 550
jobs in Kent

By Lin Wood

MORE THAN 550 jobs are to be
lost within Babcock Construc-
tion Equipment In the Medway
area of Kent which already
faces serious problems of unem-
ployment

The company, part of
Babcock International, is also
to make a further 50 redun-
dancies at its two Gloucester
plants which will be rationalised
into one single manufacturing
plant

Mr George Rattray, managing
director of Babcock Construc-
tion Equipment, said tile group’s
’Winget subsidiary at Rochester
would close wife the loss of 350
jobs. A further 200 jobs would
be lost at fee asphalt paving
machinery plant at nearby Blaw
Knox. The work from Winget,
fee. manufacture of equipment
for concreting, will be trans-
ferred to the Gloucester plant
.Mr Rattray said: “The basic
-problem- is- the substantial
redaction- in demand fbr con-
struction equipment around fee
world which has necessitated fee
reduction of fee three plants to
two.” More than 1,000 jobs will
remain within Babcock "Con-
struction Equipment
The closure of Winget wm
contribute to existing concerns
over unemployment in fee Med-
way area with fee decision to
close Chatham dockyard, with
fee loss of nearly 7,000 jobs,
and BFs Isle of Grain refinery,
wife fee loss of a further 1,600.

Mr Jack Norris, district
official of . fee Amalgamated
Union’ of Engineering Workers,
said: “ This is absolutely dis-
astrous. It is fee worst possible
thing to' happen at the moment

Housebuilding sinks to new low

BY MICHAEL CASSELL

BRITAIN'S housebuilding pro-
gramme sank to a new low
during 1981.

Provisional figures from the
Department of the Environment
show feat the number of homes
on which building work began
last year fell below fee level
achieved in 1980, which was it-
self fee worst for new housing
in post-war years.

Yesterday’s figures were de-
scribed as “a national disaster”
by Shelter, fee housing pres-
sure group, which said fee com-
bination of a “ calamitous
slump” in fee public sector
combined wife fee recession in
the private housing market
meant housing output was run-
ning at half fee mfinimum num-
ber required.

According to fee DoE, fee

industry began work on 153,200
homes during 1981 against
154,000 in the previous 12
months. Starts in fee public
sector reached 36,200. a reduc-
tion of 19,800 on fee 1980 level,
although the number of private
houses entering fee construc-
tion stage rose by 19,000

During 1981 builders com-
pleted a. combined total of
198,900 homes compared with
233,500 in 1980. In fee public
sector, 85,200 homes were fin-
ished — a decrease of 21,7000 on
1980 — while private housing
completions fell by 12,900 to
113,700.

There is little hope that 1982
will show any significant im-
provement In output, increas-
ing fears feat a major housing
shortage may be on the way.

The private housebuilding in-
dustry believes feat high In-
terest rates and the effects of
the recession will continue to
stifle demand for new housing
during 1982 and that builders
will be fortunate to exceed last
year’s output by any significant
amount.

At fee same time, government
expenditure cuts will keep pub-
lic sector housing programmes
at low levels, or even reduce
them. Housing starts this year
could be down to about 150,000
or less, with the public sector
accounting for fewer than
30,000 of the total.

Completions this year could
fall to about 160,000, with the
number of public sector homes
finished falling to little more
than half the 1981 ZeveL

SDP seeks Employment Bill changes

BY MARGARET VAN HATTEM, POLITICAL STAFF

THE SOCIAL DEMOCRATS are
seeking to broaden fee scope of
the Government's controversial
Employment Bill in ah attempt
to overcome opposition to fee
Bill in their own ranks.

Dr David Owen, fee party’s
parliamentary leader, said yes-
terday that the party would toy,
during fee . Bin's committee
stage, to include provisions
covering worker participation
in industry, payment by union
members of the political levy,
and internal union elections.

. It would do tins by tabling
instructions to the sta nda g
committee considering fee Bill,
informing members of thedx
power to extend fee scope of
the Bill

Dr Owen’s action, which
brought strong denunciations

from Labour MPs, including
Mr Denis Healey, fee deputy
leader, and Mr Roy Hattersiey,
is seen as an attempt to head
off a revolt in the party.

Although fee SDP decided on
Thursday to support fee Govern-
ment on the Bill, several for-
mer Labour MPs wife trade
union links have indicated feat
they cannot support what they
regard as blatant union-bashing.

Dr Owen said yesterday feat
many on aH sides of the House
of Commons believed fee Bill
should be widened as he had
indicated “ so that it would be
dealing wife the substantive
issues that would ensure for fee
future a strong democratic, and
thriving trade union move-
ment”

"The country cannot do with-
out an effective trade union
movement but it is debilitated
by fee present structure and
practice of some union activi-
ties.'*

Mr Healey denounced Dr
Owen as “ the JR of this shabby
soap opera " and fee SDP as
" Tebbdtt’s troopers.”

The SDP was supporting fee
Bill because the Bill was against
the trade unions, despite the
fact that the party’s economic
policy depended on union sup-
port for an incomes policy, he

sand.

He accused fee party of
"frantic opportunism,” picking
up policies but dropping them
fee moment it looked as though
they might cost votes.

Appeal Court rules on
ships trapped by hostilities

BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT

TUC to resist Manpower
board cuts from inside

BY JOHN GLUOTT AND JOHN LLOYD

WAR WAS not a factor con-
templated by the standard
*■ safe ports n clause in charter-
parties, the Court of Appeal
decided by a majority yester-
day.’

Lord Denning said that the
clause, by which a .charterer
warranted that a port to which
he ordered a vessel was and
would remain, safe, encom-
passed " only the . physical
characteristics of the port, its
aids and facilities. - -

It did not cover an “utterly
abnormal and extraneous occur-
rence" such as the outbreak
of hostilities.

The risk of damage to fee ves-
sel due to warlike operations
was to be borne by its owners
and their insurers, said Lord
Denning. ' ’

The court was giving judge-
ment on the first of the dis-
putes arising from fee entrap-
ment of vessels by the Iran-
Iraq war to reach the Appeal
Court. ' .

It allowed an appeal by

Empressa Cuban a de Fletes. a
Cuban state organisation, which
chartered fee vessel Evia from
Kodros Shipping Corporation of
Monrovia.

Kodros had denied feat the
charterparty had been frus-
trated; alternatively, it argued
that, if there had been frustra-
tion, it had been self-induced by
Empressa, which had taken fee
Evia to Basra. This port was un-
safe because of the hostilities.

The court agreed with the
Commercial Court that the
Evia's charterparty had been
frustrated on October 4, 1980.
Lord Denning said that other
dates had been selected by ar-
bitrators of disputes involving
other ships trapped by the war.
That was regretable, but he saw
no way of avoiding the lack of
uniformity.

The Commercial Court’s find-
ing that the charter had
breached the “ safe ports ”
clause was overturned by Lord
Denning and Sir Sebag Shaw.

TRADE UNION protests
against the removal of Sir
Richard O’Brien from the chair-
manship of the Manpower
Services Commission at the end
of his contract in April con-
tinued to bitild up yesterday.

However, it became dear
feat the TUC, which has three
nominees on the MSC hoard,
will not make the appointment
of Mr David Young; Sir
Richard’s successor, an issue
over which they would resign
from the board.

They are determined to stay
in place and fight any attempts
by Mr Young to cut down on
the commission's services, and
are concerned to keep the MSC
in being ready for the key
training and manpower role
they see it as playing under a
Labour Government

Sir Richard, 62 next week.
Issued a short statement saying
that he " would have been pre-
pared to stay, but the Secretary
of State [Mr Norman TebbitJ
wanted a change.”

Fears about the future of the
MSC are complicated by a study
of some of its activities by Sir
Derek Rayner, the businessman
studying government operations
for the Prime Minister.

Mr Chris Easterling., a
national officer of the Society of
Civil and Public Servants; said
yesterday feat there was a risk
that, following fee study, work
by the' MSC Job Centres would
be hived off to the private
sector.

“Mr David Young’s arrival
looks like heralding the whole-
sale rt«am a ntiing of fee employ-
ment services,” he said.

Mr Young, who flies to Japan
this morning for a ten-day visit
to high technology companies,
said yesterday feat he had no
plans for privatising any part
of fee MSC. He would examine
Job Centres as part of a general
review of its work.

Mr Young will retain
bSs part-time chair m anship
of Manufacturers Hanover
Property Services, a subsidiary
of a New York bank,

Man in the News— Back Page

Government may investigate Laker collapse

BY JOHN HUNT, PARLIAMENTARY CORRBPONDfiMT

tuf nnvFRNMENT is pro- reason to ask for one. But

SsSss^aism£

-2 epa ^L° f JE2i Lak£ and!** "I wall cer-

ST*-* a^sin at Section

He disclosed feat Sir Freddie
Ifr .lam SprMtj^the Tinker frad rung lam on Thurs-

Iterater. told fee Commons efforts

yesterday. . • ' to save the company reached

Under the section the Depart- may. Mr Sproat had

meat cad appoint inspectors » Freddie that there was

look into the affairs of a com- ^ Question of fee Government

justified.

Mr Sproat spoke as fee ritiing

of fee. House was extended ro
allow htm to make an emergency
statement .

At first he insisted that there

company under Section 8 of the
Industry Act

The Minister told fee House
that British CaledtmSan had pro-
mssed to help get -stranded
Laker passengers back to -Bri-
tain free of charge. British

™ 1- — 4 “
unless fee Receiver found neip.

Mr Sproat angered fee Oppo-
sition when be insisted feat fee
Government still intended to go
ahead wife plans to privatise
British Airways, despite the
failure of Laker.

He maintained feat feere was
ample money — £23m available
in fee bonding scheme and the
Air Travel Reserve Ftind — to
Indemnify botiday Charter pas-
sengers already booked wife
Laker.

The Opposition was fiar from
satisfied feat feere was any
protection for those who had

booked . on ordinary schednlfifl

flights wife the company.

' Labour MPs were clearly un-
happy about fee Government
attitude to fee 2,600 employees
who will lose feeir jobs. Mr
Sproat continually insisted that

tins was a matter for fee Re-
ceiver.

Left-wingers have always been
critical of Sir Freddie and fee
Prime Minister’s praise of him
as fee great example of Tory
free enterprise. Yesterday they
seized the opportunity to heap
criticism on fee Laker price-
cutting operation.

Their accusations were firsfly
rejected by Mr Sproat, and met
wife angry cries of “Disgrace-
ful” from Tory backbenchers.

Tlie Minister and his back-
benchers were lavish In their
praise of Shr Freddie and the
way in which he had led price-
cutting operations and forced
fee State ausfines to follow his
■example.

Some of fee strongest criti-

cism came from Mr Stanley
CKnton Davies, who was Trade
Minister with responsibility
for aviation in the Labour Gov-
ernment. He said that Sir
Freddie was fee victim of his
own “unwarranted optimism”
an fee cut-throat competition
which fee ■ Government en-
couraged.

He called on Mr Sproat to
look again at Section 165 "hav- ,
tog regard to fee totaily reck-
less statements made by Sir
Freddie only two days ago.
Passengers, creditors and others
might very wen have been mis-
led.”

Mr Sproat blamed the fall- in
fee value of fee pound and the
world recession in. air travel
for Laker’s fate.

Mortgage
rate ‘could
fall by
summer 9

By William Cochrane

THE MORTGAGE rate could
fall by two percentage points
from Its present record 15
per cent level by midsummer,
Mr Alan Camming, chairman
of the Building Societies
Association, said yesterday.

A cut of one percentage
point in the next two or three
months could be foUowed by
another one point cut in mid-
summer and possibly a third
reduction later in fee year If
other Interest rates come
down, be said.

Mr Gumming, as chief
general manager of the
Woolwich Building Society,
was introducing calendar year
1981 figures from fee society
which showed that its lending
increased by some 22 per
cent last year to £676m. The
number of main mortgages
granted rose by nearly 9 per
cent to 40,698.

At the end of December
fee Woolwich’s assets stood
at £3 .39bn, a rise of 14.7 per
cent In 1981 its investment
receipts amounted to £L675bn
against £L38bn in the
previous year; after allowing
for .withdrawals of £L28bn
(£L01bn). net receipts rose
from £376m to £392m.

Pensions ceiling
‘only a small saving 9

A HINT that the Government
does not intend to pot a
ceiling or cut-off point on
fee inflation proof pensions
of top civil servants was
given in the Commons yes-
terday by Mr Barney Hayhoe,
Ministe r of State at the
Treasury wife responsibilities
for the Civil Service.

He was replying to an
adjournment debate raised by
Mr Robert McCrindle (C,
Brentwood and Ongar) who
accepted that the Govern-
ment could not scrap index-
linking but argued that sueh
pensions should not be left
untouched.

Mr Hayhoe said there would
only be a «n»ll saving from
introducing a cut-off point or
celling. It might also dis-
criminate against those with
long service who had trans-
ferred feeir pension rights
from previous employment,

RSPCA cuts jobs
to beat cash crisis .

THE RSPCA is to make 14
full-time inspectors redun-
dant and shed a number of
part-time jobs because of its

flwawflal plight

The society, which ended
Its last financial year with
a £Im deficit also plans to
save cash through economies
in administration, uniforms
and equipment

Planning inquiry Bill
given second reading

A PRIVATE Members Bill to
ensure that all evidence to
planning inquiries is head in
public was given an un-
opposed second reading in the
Commons yesterday.

The Planning Inquiries
(attendance of public) Bill
was sponsored by Hr Michael
Hamilton (C, Salisbury) who
raised it as a result of a plan-
ning inquiry in 1967 involving
English China Clays.

Mr Hamilton said a month
before a public inquiry over
plans for mineral working In
Wiltshire company representa-
tives had held talks wife civil
servants and it was agreed
that fee central part of fee
inquiry would be held in
secret

Tebbit tells employers
‘training is up to you 9

THE FRAMEWORK for
skilled industrial training
arrangements was a matter
for employers and unions and
the Government could only-
exerdse influence, Mr Norman
Tebbit Employment Secre-
tary, told Merseyside Chamber
of Commerce yesterday. “You
have simply -got to get on
wife it No government can
relieve employers of feeir
primary responsibility for
training," he said.

It was a “tragic commen-
tary” on British life that fee
country had to wait until now
to see the need for vocational
training for fee young un-
employed, said Mr Tebbit

Navy sells its last
three fast patrol boats

THE ROYAL NAVY is sell- ,
tog its remaining three fast
patrol boats, HMS Cutlass,
Scimitar, and Sabre. Training
to combat fast miss lie boats
will now be done during ex-
ercises with Nato navies, the
Nacvy said.

Earlier this week the Navy
said 15 warships were up for
sale to foreign buyers, with
four already sold.

— French cable link prged for

Barrister appointed
Treasury adviser

MR DOUGLAS FRENCH, a
37-year-old barrister, has
been appointed a special ad-
viser in the Treasury in suc-
cession to Mr Peter Cropper,
who has left to become
Director of the Conservative
Research Department Bar
French was assistant to Sir
Geoffrey Howe, fee Chancel-
lor, from 1976 to 1979.

Hopes of salvaging

rail inquiry rest
on Monday meeting

8Y PHILIP BASSETT, LABOUR CORRESPONDENT

HOPES OF salvaging fee inde-
pendent inquiry into the
British Rail pay and produc-
tivity dispute rest on a meet- '
ing on Monday, following con-
tinued refusal by fee Associated
Society of Locomotive Engin-
eers and Firemen to take part

Members of the inquiry, set
up by fee Advisory, Concilia-
tion and Arbitration Service and
chaired by Lord McCarthy, will
meet at fee Acas offices to
examine whether there is any
scope fdr continuing the in-
quiry. If the panel decides to
cany on, a first meeting could
he held later that day.

Lord McCarthy said yesterday
that it had not proved possible
to discover a “ mutually accept-
able ” basis for securing Aslefs
cooperation with the inquiry.

As lei had suggested changes
in the inquiry’s terms of refer-
ence, deleting specific mention
of fee crucial productivity issue
of flexible rostering. The union
is thought to be looking instead
for a much wider approach to
the whole productivity issue.

BR, and the other rail unions,
want to stick to the original
terms of reference proposed by
Acas. The executive of the
National Union, of Railwaymen,
meeting informally yesterday,
reaffirmed this.

The question now seems to be
whether fee inquiry will go
ahead without Aslef and make
a recommendation on the dis-
pute.

Lord McCarthy said fee in-
quiry was “only too conscious
of the need to find some
mutually acceptable way of re-
solving the issues in dispute
without delay."

Relations between fee unions.

worsened because of Aslef* s re-
fusal to co-operate wife fee in-
quiry, were further strained
yesterday when Mr Sid
WeigheD, NUR general secre-
tary, was critical both of Aslefs
strike tactics and of its case.

Aslef has been staging a
series of selective strikes— stop-
pages are due 1 tomorrow, Tues-
day and Thursday — which Mr
Weighell called “ playing
around.”

He supported fee BR hoard's
insistence feat fee Acas under-
standings of Last August on pay
and productivity are linked.
He said: “ Certainly we
emerged with two separate
agreements — but there can he
no doubt feat one is dependent
ffn fee other.” "Without the
productivity understanding, he
said, BR would not have signed
the pay deal.

Mr Weighell criticised! fee
breakdown to relations between
Aslef and the NUR, noting in
particular Asle fs failure to
responato NUR ini tiativ es and
fee fact that the NUR learnt
of Aslefs strike decisions only
through the Press.

He repeated his call for one
union in the railway industry
and appealed for the dispute to
be settled within the next few
flays, because if it went on
much longer “there won’t be
anything left to argue about”

Mr Michael Foot, Labour
Party leader, is expected on
Monday to meet a deputation
of Labour MPs, induding Mr
Tony Benn and Mr Leslie
Huckfield, Aslefs parliamentary
spokesman, who are seeking
firm Labour Party support for
Aslefs case.

Talks on Dunlop Semtex
occupation adjourned

BY ROBIN REEVES, WELSH CORRESPONDENT

LONDON talks to resolve the
nine-week workers’ occupation
at Dunlop’s Semtex floor cover-
ings factory at Brynmawr,
south Wales, were adjourned
yesterday until Monday.

The union side -led by Mr
John Miller, the Transport and
General Workers’ Union
national officer for the chemicals
industry, pressed Dunlop to
rescind its decision to dose fee
factory.

Failing that, he wanted re-
instatement of the 600 workers
due to lose their jobs, in order
not to prejudice unemployment
pay entitlement and redundancy
arrangements.

Dunlop said fee talks had not
affected the closure decision
but it would be looking at ways
of mitigating the union difficul-
ties over severance arrange-
ments.

However. fee company
evidently does not accept that
it can simply rescind dismissal
notices and replace them with
redundancy notices as a device
for ensuring the Brynmawr
workforce is entilted to dole
money immediately.

An insight into fee hard line
adopted by Dunlop’s manage-
ment since the Semtex sit-in
began before Christmas has
been provided by a leaked
confidential memo from Mr

Alan Lord. Dunlop's managing
director, to senior management
He said: “Clearly the termi-
nation of employment of those
taking part in this strike and
sit-in. even on terms which
equate to statutory redundancy
pay, will be contentious and we
cannot exclude fee possibility
feat there will be some reper-
cussions in other parts of the
business to the UK
“ On the other hand, we have
similar problems to face in
other parts of our non-tyre
business and it is important
feat we should take a firm line
with those employees who
deliberately set out to be un-
co-operative and destructive
even when they have by no
means exhausted all fee dis-
putes procedure and are well
aware that the future of the
business is at risk."

The memo confirms workers’
suspicions that fee 60 redun-
dancies called for initially were
only a start. Mr Lord says that
even if fee industrial action had
not taken place “ it would have
been necessary to call for sub-
stantial redundancies at fee
Brynmawr factoiy in order to
achieve profitability”

It was a demand for a dear
statement on fee future of fee
■factory which- triggered the
occupation In the first place.

Thre at of
Sidlom Voe
strike ends

By Mark Meredith,

Scottish Correspondent

WORKERS at the BP-operated
oil terminal at Soliom Voe yes-
terday called off their strike
threat and agreed to return to
wage negotiations.

Talks between BP mid repre-
sentatives of fee Transport and
General Workers' Union are
expected to resume next week.

About 210 workers had re-
jected a 7.5 per cent wage offer
by management and BP claimed
that the strike decision violated
agreed negotiating procedure.

Yesterday’s agreement, an-
nounced by both sides, meant
that the workforce has agreed
to return to the disputes pro-
cedure. The terminal handles
about half the oil production of
the United Kingdom North Sea
field.

• On fee Clyde, Mr James
Davidson, chairman of Clyde
Port Authority, said that fee
150 dockers who went on strike
at Greenock’s container and
bulk sugar terminals on Thurs-
day over a 5 per cent pay offer
may cause fee terminal to close
altogether if more trade is lost
The men had been, seeking
about 15 per cent to meet fee
rise in the cost of Mrisg.

Dockers at Hnnterston were
also offered a 5 per cent rise
and this was originally rejei^d.
The Authority said yesterday
that the men had now accepted
this, but this was unconfirmed
by union sources.

Mr Davidson said: “A 5 per
cent increase has been offered
to all Clyde Tort Authority em.
ployees in this annual pay
round and has been accepted
by virtually every section of
fee workforce.

“ This stoppage is taWng
place at the very time we are
malting every effont to replace
lost traffic

ASTMSin
plea on bid
for Croda

By Brian. Groom, Labour Staff

THE WHITE-COLLAR Assoctn-
tion of Scientific. Technical and
Managerial Staffs is telling
Croda Internati onal share-
holdexs feat feere appears to
be “no justification for selling
their shares to Bnrznah at fete
time."

ASTMS representatives at
Croda emphasised after a meet-
ing at fee union’s London head-
quarters yesterday that they
wanted to be consulted on
Burmah’s takeover plans, to
lane wife “fee sprint” of fee new
Transfer of Undertakings (Pro-
tection of Employment) Regula-
tions I98L

They warned feat to fee event
of a Burmah takeover, any
subsequent fategratiotn or re-
structuring of Croda would
trigger possible penalties if fee
union was not consulted com-
pnelhensxvely and given aider-
matron.

ASTMS wants “ urgent assur-
ances ” from Burmah and
Croda on: job security and
future investment plans; protec-
tion of terms and conditions of
employment; Burmah’s commit-
ment to the UK speciality
chemicals industry; what it des-
cribes as fee Burmah chair-
man’s criticism of Croda’s
over-emphasis on the UK”;
md Croda’s policies if there is

7!*» takeover.

_ '-STMS has written to

--u-TiVi d amending consul ta-

1 * •:nd?" th? new regulations

■ Burmah’s proposed

■ v.r.’ent of its Quinton Haze 11
•."o components business.

Burmah said yesterday that,
‘fs with the Croda bid, it did not
believe the Quinton Hazell move
came under the ne-w regulations
at present. Even if a sale took
place, it might not affect the
relationship between employees
and employer.

/

Financial Times Saturday February 6-1982

THE WEEK IN THE MARKETS

Invins Uncle Sam’s chains

i m !lt

The London stock market often
seems chained obediently to
Wall Street, At times, earlier
this week, that may have been
the case as gilt-edged securities
and equities responded ner-
vously to another big hike In
U.S. money supply and jumping
prime rates.

But. perhaps because the
American market seems to be
absorbing the Reagan adminis-
tration’s deficit 5 financing in
reasonable comfort, or because
the Bank of England is pursu-
ing its own course in exchange
rate policy, both sections on the
London market were able to re-
cover their poise. UK money
market rates have been eased
down a little once more and
London hopes are still directed
toward another cut in Base
Rates.

The Public Sector Borrowing
Requirement for the third
quarter of 1981 was a mere
£2 00m giving the Chancellor
considerable lee-way to pick a
spending target for 1982433.
And the Confederation of
British Industry's trends sur-
vey underpinned the City’s own
feeling that corporate profits
are set to recover this year.

The FT Industrial Ordinary
Index has risen 10.9 points
since the last account finished
on January 22 and now stands
at 573.1

On the bid front, Croda In-
ternational's attempts to fend
o5 Burmah's cash offer so far
have been successful The first
closing date for the offer passed

LONDON

ONLOOKER

during the week leaving the
bidder with a fair way to go.
Croda, though, has had to come
up with some ambitious divi-
dend promises for the current
year.

The projected £72m bid by
Rowntree Mackintosh for
Huntley & Palmer Foods has
gone quiet before the formal
documents are despatched. But
perhaps AHied-Lyons, another
possible contender, will stand
back from the fray. It has al-
most 5 per cent of Huntley and
has been strongly tipped to
counter bid. When Rowntree’s
terms were announced, the beer
and ice cream group was quoted
at 72p. Now the shares stand
at 8 lip which may be saying
that Allied will be sitting on its
hands.

32 per cent rise to 245p by the
dose on Thursday. Now, the
argument goes, the group has
sufficient resources to develop
its other operations. At the
same time the speculators have
been buying in the hope of a
bid once the fertiliser burden
is lifted.

The deal looks good from all
sides. Norsk Hydro, the big
Norwegian energy and chemi-
cals company, will ‘ be paying
Fisons about £50m for the
fertiliser interests and looks

.equipp ed to challenge Fisons*
big TO competitor. Id, in a
way which the seller was mani-
festly unable to try. Norsk
Hydro, like Id, has plentiful
supplies of cheap natural gas
which it can convert, into
ammonia which, in turn, is
the feedstock for straight and
compound nitrogen fertiliser.*

Norsk Hydro has a big stake
in the Norwegian sector of the
North Sea gas finds. Id, with
the huge benefit of a cheap
energy deal with British Gas,
can boy and produce feedstock
for nitrogen fertiliser at a price
which- never left Fisons an
acceptable margin.

Yet Fisons’ long4ieW strategy
was to use ■ supposedly cash
■generating divisions ,such .as
. fertilisers, and . ito - a ' lesser
extent its horticultural busi-
ness, as feeders -for the capital
-intensive pharmaceutical and
scientific equipment operations.

The fulcrum of that strategy
has long been woboBcng under
ICI’s competitive pressures and
Fisons* profits . have ■ dropped

Fisons? farm-out

With one bound Fisons was
free. That ' was the way it
seemed this week as the drugs,
agrochemicals and * scientific
equipment group announced the
sale to Norsk Hydro of its loss-
making fertiliser business.

Fisons* shares outperformed
the stock market by several
lengths during the week with a

market highlights of the. week

F.T. Ind. Ortf. Index

Angtrad

5AT Inds.

gjundetf-Permog/aze

British Aerospace

BP

Cowan de Groot
Croda Inti.

Hol d en (Arthur)
Leaden hall Sterling
Martin (R. P.)
Milts and Allen

?iims!o

Norfolk Capital
Normand Elec.
Sccuricor A N/V
Smith St. Aubyn
Textured jersey
Wit. Nfcel

Change
on week
— 1J

+3P
+3T
-YB
-12
-10
+ 5
4-10
+63
4-34
+ 55
+40
+53
+40
+ 8
+15
+32
+14
-14
-19*

mi-si

■ High
597.3

250
431
TO

251
415

65

84

250

192

125

375

S4S

20S

49

55

222

2B4

125

110

1981-82

Law

44&A

118

230

78

170

246

25

32

112

86

55

112

308

140

21

21

152

34

64

44

Volatile on Wall St. Trends
Interim results next Tuesday

Persistent buying

Bette r-than-expected rwuto
Pull Aerospace issues

Crude oil glut .

Interim statement

Hopes of higher bid

. Fertilzer Ira, sold/bid spec.

ICI bid 180p ca sh

Hays Group bid 125p cash

D« jnand for money brokers
Acquisition of Guy Butler
Marketing agrement with Timex

Speculative interest "

Bid from P, C. Henderson

Results next Wednesday

Recovery hopes

Chairman's profits warning
Mining operations curtailed -

while its balance sheet weak-
ened. Fertilisers contributed 42
per cent to 1980 turnover hot
suffered a £L12m loss.

The group as a whole made
only £3.8m before tax that year
against almost £l7m in 1979 and
a peak of nearly £2 3m in the
year before that. Fisons has,
over the past couple of years,
tried to out Hts fertiliser losses
by trimming back. Four plants
have been dosed and the group
reckons, it slashed some £9m
off costs last year. It has ad-
mitted, -though, that rationali-
sation would never be enough
. to get fertiliser oh to a good,
cash flow footing.

But at last, tiie long rumoured
(and long denied) disposal
should brighten the outlook.
Fisons is estimating that (he
sale proceeds will cut some
■ £6.5m from annual debt .financ-
ing costs. That should halve
historic interest payment levels
and, with loss' elimination, 1980
profits can be re-stated at some
film before tax.

Fisons is now predominantly
• a pharmaceutical company. No
less than three quarters of total
profits came from this division
in 1980 on just a fifth of group
sales. There have been same set-
backs not least the promising
anti-asthmatic drug, Proxdcromil,
which fell at the last fence of
its safety trials-at the twinning
of last year. The basic com-
pound remains sodium cromo-
glycate which protects sensitive
tissue against allergic reaction.

The most profitable spinroff
has been Total, which is in-
haled by asthma sufferers. Good
volume growth, coupled with a
15 per cent UK price increase
last summer and strong sales
overseas means that pharma-
ceuticals should stay on a
growth path.

Horticulture, 6 per cent of
1980 profits is sold to the strong
amateur gardening market and
is expected to make further pro-
gress. Scientific equipment,
wdeh goes into the research,
education and public health
fields, is suffering the effects of
government spending cutbacks
while' the agrochemical opera-
tion, jointly owned wiffi Boots
since 1980. probably needs
heavy capital expenditure to
bring new. products on stream.

Fisons is a minnow by com-
parison with many of its world
competitors in drugs and agro-
chemicals but it has always
pointed out that its products
have captured pole position, or
at least a place on the front
row of the grid, in. each market
it serves. The betting in the
City at the moment is' that
somewhere a predator is

NEW YORK

DAVID LASCRDE5

FISONS

Store Wee Relative fo the
^.-Actuaries ALL-SHARE INDEX

1981 *82

running a slide-rule over Fisons
profitable, non-fertiliser rump.

Reed unbowed

Third quarter figures from
Reed International, the paper
packaging and publishing giant,
fell short of outside expectations
this week— but not enough to
shake the market’s faith in
Reed's ability to make a signifi-
cant recovery this year.
Brokers axe happily predicting
around £80m pre-tax for 1981-83
(£o(>ni in 1980-81) and back up
to well over £100m next year.

The latest three months'
profits are up from - £15 im to
£17.7m. Analysts had been
hoping for a couple of million
more especially as, in Reed
terms, it was . a very light
quarter for exceptional costs.
They only totalled £Lm against
£5m in the comparable period.
Yet the period had to take in
both Christmas and New Year
disruptions so the underlying
trend has not deteriorated to
any real extent
' Vf4tib the help -of «. cover
price increase the Daily Mirror
returned to .a small profit after
second quarter losses of £3m
while Reed's expansion of its
provinaia] paper interests

should start working through
to tbe profit line soon. This
week Reed bought a northern
publisher. St Regis Paper, for
£7zn, adding to the recent pur-
chases of Bemw’s Organisation
and Essex County Newspapers.
Interest charges ere running
at £lm a month and Reed is
attracted by cash - churning
regional papers. The market,
however, might be looking for
moves on a grander scale from
a group capitalised at £325m.

Point splosh

Things are stirring in the
paint industry. After a long
period when specialist paint

makers seemed to be hi the
doldrums, their shares have
begun to move end bads are an
the air — probably more of them
sn the past 12 months than the
previous 20 years. "

At the beginning of the week
ICI made. a £ 12.8m cash offer
for Arthur Hodden, which makes
inks, paints adhesives for
the inning industry. With full
backing from the Holden board
-and family acceptances adding
up -to 35 per cent, ICI was
Holden’s refuge from less con-
genial suitors.

. Only a month ago -Inter-
national Faint (a subsidiary of
Courtanlds) had picked up
12 per cent of Holden “ without
the knowledge or consent” of
the Holden directors. Before
that Holden's name had tradi-
tionally been associated with
that of Metal Bor. a major
customer which still holds
9.3 per cent of the equity.

Although ICFs offer of ZSGfc
a share represents a handsome
51 per cent premium to
reported net assets anfi some-
thing like 20 times fully-taxed
earnings for the past year, it
may not quite be a knock-out
By Friday afternoon the shares
were 190p, so the market is
obviously looking for a counter-
attack. from Conrtaulds or else-
where.

Holden is not the only paint
specialist whose shares have
soared tius week. Blundell
Permoglaze slightly exceeded
market expectation when its
annual profits were announced
on Thursday as £2.05m before
tax: On . Thursday morning
Blundell was valued at £5.9m:
by the close on Friday the
shares had risen 25p to their
highest ever price of 1 18p, and
the company was worth £7.5m.

The market seems to have got :
it into its head that Blundell is I
a likely bid 'prospect

THE NUMBER «rf people who
really know what ns gong on.
with -the U.S. money supjxty is
probably precisely .--zero. But
everyone, knows *bat whatever
it is, it is BAD, and Waffl Street
spent another ' jittery week
worrying about what 'it all
means for interest rates -and
share prices.

Their fears were justified.
On Monday, the Dow '.Jones
Industrial Average crashed
nearly 20 points, its Worst one-
day fall since last August, 'and
the big banks jacked, their
prime rates up a stiff } per
cent to 16} per cent, the first
upward move du seven months.
After this inauspicious begin-
ning, the stock - market
recovered some -of ads balance,
but tile ground was st±H
slippery, and share prices
slithered to and fro.

The market’s worries were
focused squarely on the
Federal Reserve winch has been
tightening credit to try to bring
■the runaway growth of the
money' supply under control.
But the Fed lay low,- apparently
keen to do nothing that would
shock either the credit or 'stock
markets into another sharp fall.
Whether it will continue (to act
so restrained depends on.
whether the money supply
bulge whkh has caused all th^
trouble subsidies ta toe weeks
ahead.

So, what with interest

rates rising, the economy still.

bumping along <he bottom of a.
recession; and (this week’s
record $10ba , Treasury femd-
raising exercise remanding
everybody that "Washington. is
still having a dpot of bother
balancing its books, there was
little or noshing to cheer toe -
market.

Stocks also lacked conspicu-
ous leadership. Oil shares led
the way down as reports of oil :
price cuts came pouring 4h. Ttas
confounded predictions that the
severe winters experienced in
both the U.S. and Europe would '■
spark a sharp rise in- demand
for heating, oiil, and ■ underpin
prices.- The exact opposite has
happened, in the U.S., . where
homeawners.have learnt- a -lot'
about insulation and' energy .,
conservation in the pest two or-
three years. Exxon ,-Mt a 52-
weefcs low of 29}, having traded
as high as 38}. The -story was
similar at all the -other- -oil -
majors like Mobil, Standard OH ’

.of CaMfomaa, Standard Indiana
and Robin. •

By die same token oil service
stocks retreated. Schlumberger, -
long one of the glamour stocks
in this groups took a. -knock on -
Monday when -Morgan Stanley
removed it from its short-tecto
buy list because of Josses at its
Fairchild camera sahsitiiarj-
Schlumfiergec was. . :' trading
' around 50: aft' fheend of the"
week, down iwuu its. -52-week
.. 111 01 of 7 £ '% ■; - 7 .... .

Kodak must have- been dis-
appointed by tiie slockmarkefs *
reception of ; the - new. disc
camera it unvested: on; Wedaes.

, day-. . Billed as .the greatest
advance 4n- amateur -'- photo-
graphic (equipment- in -19 years. ;
and 'toe- first truly "decision'
free” camera, it marks - Kodak’s
bid to renmn at;the tdP of ihe

popular photography' market
against the growing -marketing -
and technological challenge of
. the Japanese. But Kodak's Slock
~:fdL $2} bn the. day before -
aonoancement {which had , been ',
billed in. advance) -mid another
51 i on the great day ifcett,

Although analysts were fxiriy-
positive . .about: toe carters;
doubts centred partly on
price (which starts : at 5ff79i
rather hefty fdr toe pop.
lost) mid partly km the newptfc.
duct’s ability .to- generate ear**
ings. above -and .beyond tinea L
already built Into Kodak’s share }
price, which has dwre'quitewfifl.li
'for. itself, in .toe last six months, ]J
rising from around. SO. - ••

- On toe takeover frontj-^rkh
crop of rumours 'made' up for
lackdf hard news. ColgatoPUni-'
-olive and Zenith, too-: jj&fe -
jftadjng- domestie TV
tar er r :were amon£- ramooEed .
candidates. The only . pieces of- .

hard news was a non-ta^mr, :
Mobil said it had chopped;
plans to bnymore stock; fa* U.&,\
Steel. The oil : giant had . threat- ;
eued to tafce over the num&rf* '
largest - steel congxmy' to get- 1 '
Mb hands on Mara^on-Ofi^
whlch-TJas. Sted: won after- a- :
hitler battle with MobQlast
year. - MobfTs plan -had had a
■ vengeful look. to K and .few'; '
people took it seriously ?U- :

General -T Motors confirmed
what; everybody knew already ■
— toat 1981 . was bdt ■ toe 1 m os t : - ;
brilliant year for the auto. in-.'
; duatry. ; It reported , an operating -
toss, of : which was^n

improvement bn its $L37bo less .
in 1980 ..

number iam automaker, will re- '
port a loss of over ^Iton.

la

MONDAY:
TUESDAY: '
WB3NESpiAY
THURSDAY

80^9 -19X1;

85235 4- MS .

MSJia: - 7 SL
toTJO 4-24)0 .

Outrageous fortune strikes again Tenant’s non use of furniture

SHAKESPEARE, had he been
alive, would surely have agreed
that fortune was pretty out-
rageous last year for the world’s
metal-producing companies.
Fortune's slings and arrows have
certainly been much in evidence
this week, perhaps most of all
for Canada's loco, the biggest
producer of nickel in toe world.

This company had been
widely expected to report a
huge loss for 1981, and the even-
tual figure of UJ5.9469.5m
(251m) ensured that these
expectations were not disap-
pointed.

Inco had been in the black
over the first nine months of the
year, but a fourth quarter
operating loss of $45m, plus
provisions totalling no less than
$465 m, gave the company a net
deficit for toe last three months
of $5 10m. This must surely
rank among the biggest losses
ever recorded for one quarter in
corporate history.

Inco’s provisions include
$245m against the sale of its
loss-making batteries subsidiary
Electro Energy Corporation,
and a further $220m written off
its mothballed Exmibal nickel
mim ing and processing operation
in Guatemala.

Inco, at its base in Canada, is
probably toe lowest-cost nickel
■ producer in the world, as well
as the biggest. Good times are
sure to come again.

GEORGE MIUJMCr-STANLEY

that continue into 1982,” he
said, and it is hard to fault bis
analysis. After all. Am ax has
just notched up its third best
year ever in profit terms in the
face of a severe recession.

Mr Gousseland . went on to
say that he expects economic
activity to recover this year,
and pointed out that consumers’
cur rent low stock levels should
help, the metals industry to re-
bound quickly when the next
cyclical upturn arrives.

there is no further fall in the
gold price.

GFSA. in which London's
Consolidated Gold Fields holds
a 4S per cent interest, said after
this week's announcement of !
lower first half profits that it !
expects second-ha4f earnings to
be similar to those of the second
half of last year.

Coincide

The slings and arrows did not
leave Amax of -the U.S. un-
scathed, either. The company
reported attributable profits of ;
$207.7 m for 1981, less than half i
the $447.7m for the previous
year.

Profits fdr the fourth quarter ■
fell even more steeply to $8.3m i
from $83 -8m for the comparable (
three months of 1980.

Nevertheless, there was more
of swings and roundabouts than
of slings and arrows in Amax’s
performance. Under toe leader-
ship of Mr Ian MacGregor, who
is now trying to salvage some-
thing from the wreckage of toe_ .
British steel industry, and .more
recently of --Mr Pierre Gousse-
land, Amax ha& become a com- -j

Anxious

Another company keeping an
anxious eye on metal- prices Is
Geld Fields of South Africa
l GFSA). Mr Robin Plumbridge,
toe chairman, said this week
that he hopes to maintain the
dividend total at last year's 500
cents (273p) a share, provided

In this it will be- helped by
the changt. of financial year at
Brief ontein Consolidated, a
major investment, to coincide
with GFSA’s own Jun* year-
end. This shifts the important
final dividend from the big gold
mine into the second half of
GFSA’s year, which should
ensure a reasonable level of
income in the current six
months.

A lady friend of mine has a
small property which she has
let furnished but the tenant
has without authority, put all
the furniture In one. of the
downstairs rooms and I
believe locked it up.

What can my friend do about
this tenant and also toe goods
since he has really converted
the property, into his own
house with his own furniture?

A tenant under a furnished
tenancy is not obliged fo use the
furniture. The course which
has been taken involves no
breach of the law if there is no
express covenant In the tenancy
agreement which requires the

FINANCE AND
THE FAMILY

year ” you mean some time- in
1979-80), he .shoold be able-to

returns; For 19824*3. onwards,
why: not elect, for. separate

secure payment of toe fult taxr assessment?. Your tax inspector

aredit; for 1980-81 onwards^ at will— sencF- yot£.- the 'necessary
least half the tax credit should foEm..- tb-‘ paafce ' the election
be payable to him, by virtue of

BY OUR LEGAL STAFF

(btfore July 8J;- you should ask

y into his own calculated on 'the Bentley v
his own furniture? Pike decision unless it is
under a furnished

ot obliged fo use the westion the right of toe
The course which *evenne to apply the decision
taken involves no "^actively. Can you quote
le law if there is no Jegal authority for challenging
mant in the tenancy ® evcnne s stance .
which requires the If the past years' CGT assess-

article 8 of toe • Australia-DR ■. him for leaflet IR32: •

'doubie taxation agreement of- £75 O '. : is*, ..probably - , i . in
December 7, 1967. as rewritten- :ymir particular- circumstances,
-fjthe protocol of January 29,: The reduced rate 'only lasted"
^ Jot two: year^ becarose ft was an

Your son should write to. the .. administratively:- • cumbersome
.Iniand Revenue Foreign* Dm- form ' ^

d ends Office (Double Taxation ... 4-'" ' '

Section), . Eynwobd . ' Road. r — ‘

SS. Sole of ex-wife’s

furniture to be kept in use or in ments were rimply made on the

the rooms in which it was when
the letting was effected.

England, KT7 ODP -giving Ms
date of birth, the- date of his
departure from the TJK, the
date of his arrival in. Australia,
toe dates of an y ' subsequent

^ I/ ^

house

TIN OUTPUTS COMPARED

Possession of a
house

My wife and I will be going

that no appeals heeded to be visits to- tlte UK, and his last
lodged), there- is probably address in toe UK (your home,'

nothing to stop your inspector presumably).' If he is eligible to
making future assessments for claim for 1975-76, be should

1975-76 onwards, under section write -straight away; because
29(3} of the Taxes Management claims for that year have to be

'lodged -by April 5.

Dec Nov
1981 1981
tonnes tonnes

Total
to date
(months);
tonnes

overseas for six weeks. To aevoid were lodged against any of toe
burglars and burst pipes, I am P ast C ^T assessments, then toe

Disastrous

in toe natural resources field.

The batteries subsidiary was
an exercise in . diversification
which provide disastrous, -while
the Guatemala nickel business
relied on - laterite (oxide) ores,
which require considerably

more energy t0 process ..toai.

Inco’s sulphide orebodies -in
ranada.

Apart from Guatemala, which
reuced Inco's capacity by
'around 25m lb of nickel a year,
the company has also cat back
in Indonesia and at home in
Sudbury, Ontario. Indonesia
also relies on the high-cort
laterite ores and bad been
producing at an annual rate of
about 45m lb of nickel against
caoacity of 75m to 80m lb, using
two of the three production
lines.

Although the operation had
been running at break-even, it
was subject to heavy interest
charges and Inco. decided to cut
out one of the two remaining
production lines.

- In Sudbury, Inco plans to re-
duce its output to 195m lb this
year, against 220m lb in 1981.
The company said recently that
other steps were under con-
sideration and would be taken
if necessary. •

■ All this reflects Inco's deter-
mination to survive the current
downturn and there can be no
doubt that the truly dreadful
1981 results showed a company
biting the bullet. By taking
all of the provisions into last
vearis figures, Inco must surely
have got the worst news out of
the way and is now a leaner and
fitter company poised to take
advantage of the next upswing.

It is worth remembering that

speciality metals divisions were

performance from energy earn-
ing?, helped by toe iron ore
-and aluminium businesses.

Jewel

Overall, Amax’s

8453m. The contributions from
molybdenum, formerly toe

speciality metals declined by
almost 5200m, largely because

costs and lower prices for cop-
per. stiver, lead and by-product
maty. -- .

By c o ntrast, energy earnings
were $17m higher, in spite of
the 72-day strike by tbe,eoal :
miners. In addition,, iron - ore -•
earnings increased by_ $17m,' _
while Amax’s share -of income
from toe 50 percent-owned alu-
minium producer Almnax rose
by ?18m to $101m.

In other words, Amax ■ re* :
couped on the roundabouts
some of what it had lost on
toe swings, fo toe extent that,
Mr Gousseland felt able to des-
cribe the company's perform-
ance as creditable.

“The earnings are a consider-
able achievement in light of
the poor economic conditions

AmaL of Nigeria (tin)

S

169

14.39

(8>;

973

AntaL .of Nigeria (colmnbite). .

f

8

73

(8)

144

Aokam

123

77.

693

(6)

593

Ayer Hltam

23S

250

920

(0).

976

Berjimtai

'338

312

2,451

(8)

2447

■CBM Sri, Ttmah

60

67

720

(12)

820

Geevorj:

106

107

945

(9)

853

Gold and Base (tin)

1

17

192

(11)

244

Gopeng

157i

141}

438

(3)

387}

kaiflrikillflg

15

14

127

(9)

24

Kinta Kellas

41f

40

341

(9)

283}

Kuala Kampar

8

12

100

(9)

194

Malayan

747

694

4*196

(6)

24594

Pahang

102

92

469

(5)

559

Pengkalen

7i

6

(3)

23

PetaHng

108}

80}

189}

(2)

169}

Rahman

105}

.113}

666

(6)

610

St Wian— Far East

17

21

142

<9)

119

St Piran — UK (South Crofiy) ■

172

170

L391

(9)

1,494

St Piran— 1 Thailand

46

.41

553

(9)

553

Sungei Best

80

63

663

(9)

1,052

Tanjong .'.

12

20}

188}

02)

268}

Tengjkah Harbour

61

8

198

<6)

212

Tnmoh

48

45

627

(12)

1,374

Same

period

previous thinking of accept! ng^an’ offer
^ rom 311 advertiser to occupy
tonnes the house, the advertiser paying
973 heating, electricity, telephone,
... and a nominal figure of £20 per
xv * week for wear and tear. Is
593 there any risk that this person
976 could obtain possession of the
house, and If so, is there any
simple way of avoiding this?

There is a risk that the £20
853 payments would be. held to con-

basis of your computations (so the dates otf any subsequent ^ri Qr tg . div orce In 1971 toe
that no appeals needed to be visits to- th^ UK, and his last . “-® n “WiumSai -home was:. :
lodged), there- is probably address in toe UK (your home." A-newJtonse ... .

nothing to stop your inspector presumably). If he is eligible to for o<*“patfon

making future assessments for diaim for 1975-76, -he should sole *y my then wife and
1975-76 onwards, under section write— straight away; because 0Pr to il dre i h . ^ ^Hty ex-wife has
29(3) of the Taxes Management claims fbr that year have to be suggested moving to

Act 1970. ' lodged by April 5. • a. smafler property. V toe

On toe other hand, if appeals • *?9®s so, and althou gh T shaft . .

were lodged against any of the T C •• wwelve no financial benefit

past CGT assessments, then toe J^UlOUlly TOP JHRB from toe sate, tt appears I '
inspector may be unable to . r r would be liable to CGT on

reopen questions which were YCDOXT " ^ appreciation of my half .

taken into account in settling .Sr . ofthe' asset. •

each appeal (by agreement or The local water authority itas '*» tote- so? . Ig there any
before the Commissioners). Served to me a notiee under ’ Iteftimate way of a mdtiKng . ..
This point was confirmed in Section 64 of the Third Schedule fids tax? -

Cenlon . Finance Company of the Water Act 1945, to make j r r ' ' :

ms

Act 1970.

On toe other hand, if appeals

Cenlon . Finance Company of the Water Aet 1945, to make
Limited v Ellwood (Inspector repalrs to the water supply
of Taxes) in 1962 (40TC176). pipe of my house, which I have

of the' asset. -
Is this - so? . Is there .any.
legitimate way of avoiding
tids tax? :

The law is not evenhanded
between inspector and taxpayer,

unfortunately, in this area.

stitute rent, and ~so- bring toe

letting into the Rent Act unless v • /• .

that is less than 'two-thirds of KBCKUTil Of SOU S
the March'1965 rateable value. ... *

However, if you' give notice at tOX

the time of -the letting that on .**”*' .

your return you will require the From 1968 while my son yin

house for your own occupation, at school and university I hdd

that will ensure that- you can unit trust shares for him in

regain possession.' my name. The hohfinea were

your return you w>U require the From 1968 while my son was
house for your own occupation, at school and university I hdd
that will ensure that- you can unit trust shares for him in
regain possession.' my name. The. hohfings were

■’ transferred into his name in

f-t , » August 1978. He obtained his ■

Computations ana degree In 1979 and later in :

the year went to Australia

recently purchased.

I have since found out
a similar notice was served on
the former owner of the house;
after the exchange of contracts
but before the date of comple-
tion. Please would-you. tell me
which of ns is liable for the :
cost of repair? -

The risk passed to you, as the
purchaser, on exchange of con-
tram. You would therefore
. Jtetter position -by.

virtue of the service of the
notice after exchangg. ,

J£ youtransfer yaui [k U cerest in
'toe -house; to your : ex-wife,i St
satold he possHEde fra* you Ito
escape tax now. However, .this .
could mean , toat; if anfl w^en
yoasefidyouirpreseht boose ai?r
gain detaned to arise during
the. period between: toe date you
boueJit it and the: date _cf , toe
-transfer of theJiltaxest in your .
.'former ' bousej to ywir ex-wife
; would attract tax; - : + . '

ap

Conditions for a

retroaction

. t Figures indude low-grade material, f Not yet available. Out-
puts are shown in metric tonnes of tin concentrates.

iShk!

kiiiiiiiiiil

LIIIIII

llllllll

iiiiiiiimn

I 11111111

5 HMIIIIII

I will be grateful for your
opinion on the course of action
proposed by the Inspector of
Taxes in the paragraph of his
letter quoted below.

“ In examining your
computations, I have discovered
that the incorrect basis has
been used in your computations
of toe gains on the Hong Kong
shares in previous years. You
have normally calculated the
-gain in Hong Kong currency
and then converted it into
starting at toe rate prevailing
at the date of disposal but the
Revenue’s view is that this is
ineorrect; the gains should be
calculated in sterling having
regard to the rates of exchange
on the date of acquisition and
the date of disposal This view
was supported by the recent .
decision in the High Court in
the case of Bentley and Pike."

I accept Uiat future
computations most be

where he is now resident YTiavhn

He has never at any time had

any taxable income In toe UK, ,

Is he entitled to reclaim toe TCtUYfl
tax credits on these holdings
and, fr so, for how many f- have filled

years baric? . . tax form ad

Husband and tax

Provided that toe units were
not a gift from you or your
wife (or bought with funds

,1 have filled out the income .•
tax form addressed to my
husband for toe last 10 years. -
and I have always signed It en
toe front, and not my husband.'

nktv VW1 uwu§ui H1UI IUHG5 rp*_

provided directly or. indirectly mvh a ^ia^? C ,rff WayS write to ,

by you or your wife), your son husband with any queries
can submit claims for tax credit ZlL 1 * ^ They have

for 1975-76 onwards. If, on the
toe other hand, the units were
derived from you or your wife,
the distribution made before
his 18th birthday (or his
marriage, if he married whilst
still a minor} were, of course,
taxed' as part of your- own
income; consequently, your -son
can only claim in respect of
distributions made after he
reached the age of 18 (or
married, if earlier), assuming
that that was after April 5, 1975.
For-tfae years up to 1979-80
(assuming that by “later lathe

written to him several -times ’
requesting him to sign the ‘

forms because "it is his •
responsibility to submit ; V' “\
rtwnpleted Income tax rtkasrn^'
wnat power have they to
enforce his signature when. he_.
has taken no part in filliiig ohtl;
the form? •

. Ottr : -mother having died tntes-

- tate, her sole asset, aL house, “ '
'^ shar^rhetwejOT my sister

; and myself, befog her dsfly -
heirs. I wisb to giye^my . .

- "half |» my «istCr on certain -

conditions, inriuding toat she 1
make a wifi leaving: toe house
.firsfiy 4o roe and that- Ae :
allow me rtbe use ot: robins r .

in the hoose for vislts to

• Engi a nd i Omld you please ••
.sugeesttfee.b^wayof
arrangmg the traasacthm?. >

way* ^Invitoidi
you can:,set about ; your* ob^e-
ttv?e. / A simple oontract ias- ; the
1 dSsadvairtege tits 1 -^Breach
fares' "rise' toifly to .' a ^jdaun iitt'

-. .damages. ; X&* ■ may - therefore
-prefer far settie your equitable
haiW&artr omnyoOT ^-rirtier. by
means 'of a. 'trust'''';;.'.'.''' . -i: - -.

■ft kinves

Nnyot}

V " 1

^oab] v ,

Tpsalis

^7=scc-i

-

irC ^Vcj

In 1978-79 i paid tax at (he ‘ . 'r .- ' r ; V ; ' ~ '- ■
lower rate of 2S per cent on tha -'.A - J •: • " . T

first £.750. Should riot tom be fagcil. ^nspeasHsfttif ran -be
on the first £1^500 " >*•* ~ cctejStetf w^th&;FioanaQt l Times

similarly for lator man? ' ; for Answers ’ a) veh infthes*

Your iwStes'. win

ohitcrcxv . ‘ legacy , i wwwte»«f v Mrsodtt as.

obliged to sign, has -own ■ tax possible^', " - ‘ 4 ; r;:;; ■;

H ? 501

V tcs P(

-i

Financial Tinies Saturday. February 6 1982

YOUR SAVINGS AND INVESTMENTS — 1

Garrett weighs up the prospects for gold funds

bite the bears?

:.r_ ‘

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.IT MAY a seem' eccentric . to
.. launch; an .offshore gold' fund .
. -when the“super • beare ,r are
:•; '.predicting that . the - -price ■ of
; .gold will not stop falling tfll iti
.well . below S300 an ounce. But
; Sm & Prosper has- gone ahead
anyhow, arguing" that tlie
■^tinting, will looh right, with the
...benefit of, hindsight.'

■' .As the bells rang m 1983,
...; the London gold price- stood at
9400- — a third -lower - than 12

- ■ swaths -before.. . Now It is
•l down,. to 8383.00 and there is
-•littte reason to .suppose the

slide Is over. .The fundameitals
remain more or Jess the same;
:.' : ;Ua interest . rates are tagh.

inflation is heading- down wards.

- ---' and the Russian hear is still
•--TOffloadlng;

Bwn S & P agrees that gold
hasn't reached the- bottom yet.

- -But the question is bow much
- further the price will fall.

Julian Tregoning, marketing
j director of.S & p, is taking the
view that the downside risk is
c limited to about 15 per cent and
if -it goes to $325 “it could
i ’bounce quite rapidly." .

S' & P - only launched the
••fund a couple of weeks ago and

3BBr

360

1-

T

Gold Price

340

starling

no

.

-1

300

.

-

280

1 . A

-

2B0

.

-

240

ij— H

-

200 1-

r

to

UJJJ-LLLLUiill

1980 1981 ’82

the cheques have sot started to
roll in. Even so the investment
stance has already shifted since
mid-January. Then it looked as
if the managers were heading
towards mining shares — the in-
vestment brief is pretty wide,
taking in bullion, shares, coins,
futures and options. Now they
are thinking more in terms of
shiny gold bars.

Gold 'mining shares have

picked up recently. When S & P
pushed out its fiew fund on the
morning of January 15 the FT
Gold Mines Index stood at
265.8. It has been over 293 since
then although it has drifted
back over the past week. Philip
Taylor, mining analyst at
brokers Rowe and Pitman, cal-
culates the average yield of
South African mining stocks ai
13 per cent That he says, is

ahead of the game.

The thought that metal might
now be better than paper cer-
tificates also seems to be emerg-
ing at rival fund managers, the
Britannia Group, it launched
an offshore gold fund just under
a year ago. About 80 per cent
of its S3m assets is now
invested in mining shares. Pro-
fits from the South African com-
panies have held up well in rand
terms, despite the falling gold
price, because of foreign
exchange movements.

Nevertheless the point at
which bullion looks more attrac-
tive is getting near and the
fund's balance is under
review. The next move, accord-
ing to Stuart Goldsmith. Britan-
nia's investment director, will
be into metal. Bui be hasnk
decided when.

Are the “super bears" right
or in 12 months time will we
be patting S and P on the back
for getting in close to the bot-
tom? Time alone will tell. But
any investment in gold funds
demands a certain philosophical
approach to life — and a willing-
ness to ride with a highly vola-
tile investment.

Barclays can be your best man

• .IF YOU WOULD like to earn
-.interest at 2 per cent over de-
.. posit rate while you save for

r - -a mortgage* - then Barclays
_ wants to hear from you. This
' -week the bank launched a £lm
'/..publicity ■■ campaign . aimed at
-young couples with the altar
.' in. mintL

. -‘The new. scheme called Get-
~ting Married is basically a re-
vamping of the bank's guaran-
: ; teed mortgage scheme with
: some special frills - for the
.: newly weds. Less, clear from the

• .publicity -is the fact the up-
-dated guaranteed mortgage
. scheme is open to alL

Under, the new guaranteed
'mortgage scheme, anyone sav-
- ing a minimum of £1,000 in one
year will qualify for a mort-
gage of ten times the sum
saved. Interest at 2 per cent
above deposit rate will be paid
. job the savings.

The minimum monthly saving
is £10. and the guarantee of a
mortgage holds good for three
years. Up to 35 per cent of the
.s' value of the house -will be, lent,
The maximum size of the mort-
l* gage is £30,000. . . .

Barclays used to offer guaran-
teed mortgages to people who
saved £100 a month or more for
two years. The guaranteed mort-
gage was between £10.000 and
£25,000. The maximum size of
the mortgage was 90 per cent of
the purchase price or valuation.

Barclays hopes to attract
60,000 new accounts through its
Getting Married scheme. There
are about 380,000 marriages a
year. The bank now' has 6m
current account holders. Getting
customers to switch hanks is
pretty difficult, and most banks
have concentrated their energy
on wooing Idle young by giving
special terms to students.

To qualify for the scheme
both partners have to agree to
switch their current account to
Barclays, where they will get
free banking for a year. The
couple ihen join the guaranteed
mortgage scheme. The current
return on the savings account is
14 per cent. The interest is, of
course, subject to tax.

The newly weds ' also get
several, frills. During 1982 they
will be able to borrow money at
2 per cent below the standard

savings rate for personal loans.
At the moment this would mean
a loan at 18.7 per cent, which
is- roughly in line with the cost
of an overdraft

Once the couple has found the
home of their choice, Barclays
will pay for any one mortgage
‘valuation up to a maximum of
£100. . This concession applies
only to those people who join
the savings scheme in 1982.

The bank has added further
sparkle to the scheme by offer-
ing a 15 per cent discount on
BUPA subscriptions, commis-
sion free foreign currency, free
advice on insurance and wills.
To cap it all, the bank provides
a bottle of champagne for the
newly weds to celebrate the first
dav in their new home.

So far the response of the
other clearing banks has been
cautious. Both Midland and the
Co-op Bank have guaranteed
mortgage schemes which offer
savers loans after two years, but
the mortgage is smaller relative
to the amount saved than with
Barclays; The interest paid is
less attractive, too.

Lloyds Bank Special Savings

Scheme may be an attractive
alternative. This pays 2 per
cent above deposit rale and
gives savers priority in the
mortgage queue. A minimum
of £10 has to be saved regu-
larly for one year. Customers
can borrow an amount equal to
the total saved ai j per cent
below the personal loan me.
This is a good general savings
scheme for people warning In
get more interest than on a
deposit account and who are
prepared to make regular
savings.

At the moment there is no
shortage of mortgage money
but the guaranteed mortgage
schemes are useful for those
who want the discipline of
regular savings.

Barclays Getting Married
package is obviously designed
to attract first-time buyers, and
as such marks at attack on the
traditional preserve of the
building societies. There is a
strong likelihood the other
clearers will follow suit, if they
see a large number of customers
switching, accounts.

R.B.

“WE ARE NEVER going to be
the top fund. All -we are going
for is above average perform-
ances." So says Martin Arbib,
chairman of Perpetual Group,
a small but successful unit
trust group based in -Henley.

Set up in 1974 by ArhHj. a
chartered accountant, and Mar-
tin Ra.-ich. a stockbroker. Per-
petual's funds have shown up
well on the performance tables
for some lime. It has now
capitalised on that record by
launchnng a third fund.

The group currently has
about £20m under management,
including private client busi-
ness of about £4m, and is grow-
ing at a healthy pace. Arbib
says over £3ra has come in dur-
ing the last three months.

Until this January, when Per-
petual launched a Worldwide
Recovery Fund, investors could
only choose between two trusts
— a growth fund and an income
fund both of which had a small
proportion of assets overseas.
Arbib says: "When people come
to us they often know tillte
about shares. We 'question them
as to whether they are looking
for income or income and capi-
tal."

All the decisions on invest-
ment are taken by Arbih/Rascli
duo. Arbib claims working in
Henley has a distinct advan-
tage.”" you can keep a clear
heart outside the City," he says.
The strategy is based on their
assessment or worldwide mar-
kets and the input of about 30
stockbrokers. The emphasis is
on “marketable stakes in com-
panies capitalised at aver
£10m."

Rasch claims the set-up
enables the group to respond
mure quickly than the big boys.
Right from the start, the" group
has kept a small overseas
presence in both trusts.

Small is beautiful

Rosemary Burr examines the fortunes of a small,
successful, recently established unit trust.

On the income fund, the
group goes for shares yielding
around 6-7 J per -cent, shying
away from some of the riskier
stocks yielding It) or 11 per
cent. The aim is growth in
prospect ive yield and dividend.
Among the main holdings are
Rank Organisation, Standard
Chartered. Mitchell Colts, BAT
and Alexander Huwden.

As for the growth fund, some
of the same names crap up
again, such as BAT, Rank and
Ilowden. Other sizable holdings

include BSR, Sony Japan, -Glaxo
and Bowater.

Perpetual Group Income was
the leading income fund in the
year to February’ 1 1982, accord-
ing to statistics compiled by
Money Management. One
thousand pounds invested one
year ago would now be worth
£1.381. The fund was launched
in June 1979.

Perpetual Group Growth has
been the top performing inters
national fund over a five year
period and number two over

one year according to Money
Management. Its units have
more than trebled in value ove*
the five year period.

Having catered for Investor's
basic needs the group decided
to launch its third fund last
month. The aim was to proride
something a bit more exciting
and it goes without saying, more
risky. The upshot is the World-
wide Recoverv Fund, which
Rasch admits "is going to be
a bumpy ride."

The launch of a general In-
ternational fund goes against
the current fashion in the indus-
try which has seen a prolifera-
tion of highly specialised funds.
Perpetual decided to avoid this
route as Arbib says “the unit
holder has to keep looking to
see ir he is in the right special-
ised fund. This way we do it
for him.”

The Worldwide Recovery
Fund was launched two weeks
ago. The minimum investment
is £l,WJ0 an'd the units are
offered ar 50p until February
12. The idea initially is to have
about 5a per cent of the fund
in the UK, 20 per cent in the
Far East, 15 per cent in the U.S.
and 5 per cent in Canada and
South Africa.

So far none of the £lm
attracted into the fund has been
invested overseas. Arbib says
he is waiting for the right time.
“There are very many interest-
ing commodity shares in Aus-
tralia which have fallen by
three-quarters bitl we are biding
our rime."

The worldwide recovery fund
Is unlikely to perform as well
as some of the other specialised
funds which just happen to
have all iheir eggs in the right
basket. But it may be a good
her for those who are prepared
to risk a little and wcjgild like
to see their money spread
around the world.

Bridging
the gap

ABBEY NATIONAL appears to
bave stolen a inarch on its
building society rivals by offer-
ing bridging loans to existing
customers. A bridging loan is
useful if there lx a gap between
the date on which you have lo
pay for your new house and the
time you receive the money
from the sale of your existing
property.

Until now most building
societies have tended to shy
away from this type of business,
allhough each society would
look at individual requests for
a bridging loan on a one-off
basis. Abbey National says' it
will offer bridging Joans at the
same fate as a normal mortgage.

The main proviso is that the
contract for the sale of your
existing home must have been
exchanged, with a completion
date within three months.

So far no other society
appears keen to follow Abbey's
footsteps but the Leeds Parinan-
ent .says it is considering the
subject. Most societies are re-
viewing their strategy for keep-
ing their share of the mortgage-
market. New savings schemes
and lie* ups with insurance com-
panies are likely soon.

Some huilding societies are
alsu likely formally to relax
their lending parameters. In
the past, they have tended to
lend people 1.75 to 2.5 times
their salary, but this multiple
has been gradually creeping up.
Similarly, loans have been
rising as a percentage of the
total value of the property, and
this too may be used as a mar-
keting peg.

R.B,

Lure of unwanted credit

HOW WOULD you feel IT your
16 year old daughter was sent
a credit card out of the bine?
This is just the situation faced
by one- of my colleagues last
week. .

The card was sent by Dingles,
part of House of Fraser stores
group. A few phone calls estab-
lished its despatch was “ due to
administrative error” and letter
of apology was said to he wing-
ing its way to my colleague.

So why was the card sent in
the first place? Well, Dingles is
taking over the administration
of D. H. Evans credit ledger.
All account customers with
D. H. Evans should by now
bave been sent a new card
which can be used at Dingles,
D. H. Evans, Howells and David
Evans.

The trouble has arisen over
who qualities as an account
holder. The 1 6-year old was in-
cluded because a sundry account
was opened by the store on her
behalf when her school uniform
was ordered.

The same Thing may have
happened to anyone who has
recently ordered an item in
advance, as a temporary account
is then opened in their name.
Dingles says its has transferred
about 15.000 accounts.

Under the Consumer Credit
Act 1974 h is an offence to give
someone a credit card if they
have not asked for it. The legis-
lation was put on the statute
book after a public rumpus
over unsolocited credit cards.

R.B.

T

■ ■ L-1A *C

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Through Crescent life, you can gain access enable investors to have tax efficient access to tfae

to all the Crescent unit trusts whose investment
management is handled by Edinburgh Fund
Managers and which wonThe Observer Rosette
in 1981.

our investment

wbde range of funds.

Crescent Life is the investment-linked
company of tiheLife Assodationof Scotland Group,
which was founded in 1838 and now controls.

assets of almost £200m.

The LAS Group itself
is a member of one of the
world’s major insurance

mm r ‘ *• . lx xtr

agers appeal to your c aution,

their track record will ' v “

lh investment, as
• with many other matters,
having al your eggs in *
phebasketis a poor
strategy.

Withoutawide
spread of investment, yo„ v .

are probably taking serious risks.

If your money is in a fixed interest deposit,
•ypirc- i-apfatT is pven more vulnerable to inflation.

T .iff , can offer investors a compre-

hensive answer to this problem. . rj

We have a wide range of investment funds

and our investment managers have track records
■which are amongst the best in the business.

While the past performance of any one fund
is not necessarily a guide to its &turep^onnanre
there is no substitute forestablish^investment

7 ^nUtruiMitn enwiafa arpas .

Crescent Life are
launching six new

insurance funds which also groups, Nationale
benefit from specialist Nederlanden, with around

investment management. fl billion in wodd-^wide assets.

The property fund will be Fear further details of these new and exerting '

managed byjones Lang Wootton, the money investment opportuiiities, please consult your w

market fund by Mercantile House and the fixed financial adviser or contact us.

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These will be available only
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6

Totting up the
return at Lloyd’s

Going East for bargains

HOW WELL are your under-
writing syndicates doing? -A
group of Lloyd's underwriting
members want <to know and
think that other members of
Lloyd's ought to know. Through
an association, called -the Asso-
ciation of Members of Lloyd's,
not to be confused with an asso-
ciation of members headed by
Lady Janet Middleton, they have
■commissioned an independent
company, Chatsei, to compile a
set of league tables.

It is a move which has left
the Lloyd's establishment purple
with rage. Those arguing
against a League table on rela-
tive performance of Lloyd's
syndicates say that joining
Lloyd's is in no way similar to
joining a unit trusL They stress
rh.it none of the underwriting
agents, the group look after
Lloyd's members' affairs, has
access to all the syndicates listed
so it is pointless to rry to place
members of Lloyd’s on the
syndicates which figure in the
top ten performers.

One underwriting agent ad-
mitted last year that most
agents' objections did appear
“on the surface to be a churlish
attempt to hide bad perform-
ance” and to keep Lloyd’s
members "on bad syndicates in
ignorance." Moreover under-
writing accnLs are concerned
that if underwriting members
start showing a collective in-
terest in their own underwriting
fortunes it might undermine
their role as agents.

Setting aside Ihc objections to
The tables the latest figures pub-
lished for the 1978 underwriting
account reveal interesting
trends.

Although the survey is by
no means a complete review of
the market it is said to repre-
sent around 80 per cent of the
total premiums written at
Lloyd’s.

Inevitably, those that demon-
strated a robust approach to
underwriting in Lloyd's scored
a larger cheque payout for
members on their syndicates
than others. Mr Ian , “ Gold-
finger" Fosgate topped the
charts for the large marine
syndicates. On a standard pre-
mium line written of £10,000,
Mr Posgate was in fact accept-
ing £11,145 in the 1978 under-
writing year. Members on his
syndicate would have received
a cheque for £2,005.

Mr Posgate's rate of return
on premium was lower than
some who perhaps chose not to
write so much premium at the
expense of producing a lower
cheque payout. One syndicate
chose only to write £3.205 of
premium on a standard £10,000
line jret managed to pay out
£1,097 to its members.

The variations in perform-
ance are wide within Lloyd's
as might be expected from a
market place containing hun-
dreds nf small, business, and
many very large groups.

Pledging one’s wealth at
Lloyd's in return for a share,
of the profits to allow the
market to function may be an
expensive business, but it is
by no means the same as buying
a block of shares in a unit
trust. The key to success at
Lloyd’s is choosing the best
connected underwriting agent,
and those intending to join
Lloyd's need to shop around.

John Moore

The herd thunders

MERRILL LYNCH, the giant
U.S. stockbroking firm which
has already created upheavals
in the U.S. financial services
business with its novel hanking-
cum-in vestment accounts, has
just unveiled a new service
which allows American home
owners to tap the equity they
have built up in their houses.

Merrill estimates that this
equity totals $3 trillion (call
that £llm>: most of it money
that is locked away in bricks
and mortar and inaccessible to
its -owners.

Called the Equity Access
Account... the new service
enables homeowners to open up
a credit line which is secured
by that equity. The size of the
credit line is equivalent to To-
per cent of the appraised value
of the house, minus whatever
loans or mortgages are already
secured on it. If a person
bought a house for $50,000 with
a $30,000 mortgage five years
ago and its value has doubled
to’ Sino.noo, his equity is
S70.000. Merrill will then allow
him to borrow 70 per cent of
that— $49,000.

The cost or the credit is vhe
prime rate t currently 16 J per

Outlook
for ICI

RESULTS FROM Imperial
Chemical Industries are always
a big moment in the stock mar-
ket. As Britain's largest indus-
trial company, employing 73,000
people in the UK, ICR Is in just
about everybody's portfolio.

Shareholders have not had
much joy in recent years. As
Mr Stuart Wamsley of stock-
brokers, W. Greenwell and Co.
remarks: "They’ve underper-
formed for the last five , or six
years.” But now he and another
chemical sector guru, Mr
Howard Coates of brokers de
Zoete and Bevan, are making
some buoyant profits projec-
tions. And both see the shares
appreciating- handsomely this
year. : .

It all seems a long way from
the black day last February,
when TCI revealed that profits
in 1980 had slumped from
£613m to £2S4m, and cut the
year’s dividend from 23p to 17p
per share.

Mr Coates now thinks ' TCI
will be reporting £330m when
the yearly results for 1981 are
published on February 25. He
• thinks he is at the top of the
analysts’ range — Greenwell are
projecting £31 5m— but de
Zoete's - chemical industry
specialist is -pencilling in £530m
for toe_ current financial year,
and £70Am for the year after.

Mr Wamsley is a little more
cautious. He foresees pre-tax
profits of £450m in 1982 but is
then taHring. of at least £65fhn
in 1983.

As . for the all-important
dividend, both analysts say that
ICI will go some way toward
recovery and pay I8p net per
share for 1981. and that the
distribution will be fully
restored .to 23p per share for
the current calendar year. After
that Mr Coates looks for 25p
and Mr Wamsley. expects
perhaps 26p or 27p.

They also predict- a big
acquisition and both are braced
for a big. fund-raising exercise
in a oouple of years or so to
pay for some of the deals ICI
is trying to line up in the U.5.

cent ) plus 21 per cevt. meaning
a borrower today would pay
19 per cent. There are also
appraisal and front end fees,
and a minimum interest rate of
14 per cent.

Merrill Lynch has a big real
estate subsidiary which will do
the appraising, but the money
for the credit lines will come
from financial institutions like
banks and insurance companies,
meaning Merrill will act only as
intermediary. (This also means
that Merrill will not end up
owning thousands of houses if
borrowers default)

. JHoney irom. the. account can
be . used for anything except
buying stocks and shares. This
is because the Federal Reserve
imposes tight rules on buying
securities on credit. Borrowers
will also get a Visa Card tied
to the account.

The scheme is a bit like tak-
ing out a second mortgage on
a house, exeept that it is a
credit line rather than a loan,
which gives the home owner
a bit more flexibility. The credit
card feature is a bit of icing on
the cake.

David Lascelies

share price
_ relative to _
FT-actuaries

all-share index

speciality chemicals market.

ICI has pulled itself up by
its bootstraps without much
heLp from a world-wide upturn.
The, U.S. industry, says Mr
Coates, " is still searching for
the bottom and the West-
German chemicals companies
are still flat." Cost cutting has
chopped Id's UK payroll by
16,000 people over the last
couple of years.

The shares have picked up
smartly in recent weeks, and
Greenwell. ’s man says that
there "are more grounds for
buying the shares now (at
340p) than there were at 260p
last autumn). He feels tint the
recovery was being treated
“too optimistically” at that
stage but is confident that
“ there are . now lots more
grounds for saying that Euro-
pean industry is winning its
battle for survival.”

He says that the ’‘upturn
has been very slow, very fragile
and very sluggish."

Mr Wamsley would hold the
shares for about 18 months to
two years and feels that they
will make at least 400p. Mr
Coates advises caution for '
widows and orphans: “ They
would be much better off in
growth stocks like Glaxo or in
companies which are better
placed in relation to inflation,
such as BTR." And the
chemical outlook, as Mr
Wamsley says, remains “a bit
iffy.” With the possibility of
major fund raising before the
cycle peaks -in 19S3 or 1984,
ICI still requires careful
watching.

Ray Maughan

BY JUNE FIELD

IT CAN BE COLD, and com-
munications could . be better,
but with Its evocative land-
scapes so beloved of Constable
and ' Gainsborough, the arable-
orientated county of East
Anglia fully lives up to its
description in a recent property
report as “ the land of Eastern
promise.”

Mr Hugh Coghill of Savills’
Norwich office, in their latest
East Anglian Property Outlook,
was commenting on the sale of
approximately 14,000 acres in
the area last year, at prices
averaging from £1,650 to £2,000
an acre for an equipped Grade
n/HE farm. He observed:
“ There is an increased amount
of capital being. invested in land
due to its continuing role as a
safe haven for part of an invest-
ment folio."

And as -he further pointed
ouc despite the rise in values,
land is still selling about 10 per
cent below the 1979 peak prices.
“ Inflation makes the gap raueh
more pronounced in real terms,
but the previous boom sets -a
level in monetary terms, which
purchasers have confidence in
approaching."

A recent informative study on-
the townscapes and villages of
the district East Anglia's Built
Environment As An Educa-
tional Resource, from the
Eastern Region Royal Institute
of British Architects, edited by
Mr Brian Goodey. emphasises
the variety of the region. " East
Anglia is also an area of market
towns, of suburbia, old cities
and new towns, and empty
spaces. In Essex, Hertfordshire
and Bedfordshire, and . pressing
into Cambridgeshire and
Suffolk, commuting to London
brings upon housing estates -and
upgraded cottages the title of
mere bedrooms!"

On those cottages there is also
a pert comment that however
much they “ may have ’ been
restored, conserved. * tarted up ’
and inwardly modernised.” they
offer a seductive reminder of
the past.

“ People tend to settle in
Essex from necessity rather
than choice," is the candid
opinion of Mr John Gibson of
Savills' Chelmsford office: " The
ease of commuting to the City
being the major attraction.
Essex is considered remote
because travellers do not pass
through it. other than to gn to
the increasingly important East
Coast ports, and the county is
separaed from affluent London
by the East End. Few foreign
buyers, other than Dutchmen,
consider Essex as they do say

Berkshire. Surrey or Hamp-
. shire. I suggest the driving
times from Mayfair and Ken-
sington affect their decision.
One trip down Seven Sisters
Road, is enough!”

But as Mr Gibson also
observes, construction of the
M25, which will eventually en-
circle London, plus the eastern
by-pass around Colchester
.shortly due for completion—
which will take Harwich traffic
around the town and connect
with the A12^— will all help to
make Essex a more attractive
place to live. And as for Stan-
stead Airport, while in the
short term the effect on prices
is adverse, In the long terra
property prices must increase
as a result of the influx of
population.

Mr Dai Jones, director of
Bairstow Eves, with 32 offices
throughout east and north
London, Essex and Suffolk,
comments: “ For those in a posi-
tion to buy there are terrific
bargains to be had.”

And Mr R. G. Chapman,
senior partner of The James
Abbott Partnership with offices
in Essex and Suffolk, considers
that with all the special inducer .
meats to buy, this must be Die'
year of the first time buyer.
“Once the tempo at the lower
end of Die market accelerates,
there will be a 4 knock-on *
effect in the middle market, the
area of least activity in recent
years." In Bishop's Stortford,
G. E. Sworder and Sons’ Bicen-
tenary Year Property Market
Report commands . one . to
" BUY .NOW,” to avoid being
left behind, as bouse prices
have started to slip back in
iheir area, which also takes in
Saffron Walden, On gar. and
Thaxted in Essex, and Sudbury
aod Bury St. Edmunds in
Suffolk.

East Anglia is the place to
look for the ■ novel country
retreat, Abbott® having The
Granary on the Quay at Wiven-
hoe, Colchester. £75,000 includ-
ing a mud berth, a coach house
in Distillery Lane. Colchester,
just being renovated, £59.500,
and The Old Mill House in the
Essex village of St Osyth.
£70.000, as well as Essex County
cricketer Mr Ray East’s Walnut
Tree Cottage. £69,500. For
further details contact Mr Chap-
man. Abbott,- 57-59. Crouch
Street, Colchester, Essex (0206
4S211).

For small weekend cottages
In Norfolk, David Bedford is
one of the specialist agents to
reach at The Hollies, 62. London
Street, Swaffham. While Strutt -

Right. Typical pink-washed 5uffolk
thatched house. Church Helds,
Little Saxham, near Bury St
Edmunds, was originally two 17th'
century cottages. It now has 4
bedrooms, 2 bathrooms, and an
extra wing.- Hr W. B. Ringrose,
Uackson-Stops & Staff, 168 High
Street Newmarket CE8 SAJ (0638
2231), is asking for offers around
£90,000

Below. The 18th eentury Stockweil
Halt, in 12 acres at Little Bur-stead,
former Essex seat of -the Earls of
Mexborough, is featured In
** Burke’s and Savills Guide to
Country Houses, Volume 1)1 : East
Anglia” and offer* in the region of
£250,000 were being invited by John
Gibson, Savills, 136 London Road,
Chelmsford, Essex <0245 69371)

ty*-—

2

and Parker’s latest property
brochure Country Houses and
Cottages in Norfolk and Suffolk.
includes various attractive black
and white timbered village
houses from £45,000, thatched
cottages from £30,000, and a
brick and flint barn near Holt
on the Norfolk coast, £19.500.

I you want a grand house in
a rural area, then the excellent
Burke's and Sarills Guide to
Country Houses. Volume HI:
East Anglia, edited by Hugh
Montgomery Massingberd, is a
particularly rewarding study of
some 1,000 family seats, some of

which obviously come on the
market from time to time.

. Savills, who are sponsoring
this admirable series,, have been
involved with some 27 .of the
houses so lucidly documented,
on architecture, history and
family connections. Recently for
sale they have had the Georgian .
Stockweil Hall, Little Buxstead,
former Essex seat of the Earls
of Mexborough (offers in toe
region of £250,000). and with
Douglas Alien and Dents Spiro
of Chigwell. the former 18th
century rectory. Lamboume
Placer with -its -front- doorcase -

■ .shows toe house. shorn of u*.'

; greenery, the fettered windows, -’ -
" mod .the ^addition of V modern 7.

canopied ' 'entrance^ - Aa • Mr- '.!. ■

... jflontgpmer y --Massingberd .§$■;” .

. . irigfrtiy ..points . outin : the pre-i'*: '

facetotos tosh, old iTtetaresjff:

: -houses that : are still standby -
• can also be. mpre : interesting - ' .7 *
3J .; than hew. ones not only because;’

Vthey may ey bke jji. vanished age, • ’ •
with 'aged retainers. 'in* toe for* -
.' ground* but because- they also '

: ^reveal . how a botzse . tised to ■' ... -
,Ioofc. : - .... =• .. V', : w '-

'-7 •The--. : publications:;.- Sort - - -

- AhgUd’s-BvUi Emtowmeitf As ’ . -
.' Ah Educational Resource, ‘$2.95 ’.7 -

• from - Eastern --Region, ..Royal ’ -

- -Institute: of -British Arddtects
. VCUnme Hutton)', 7 66. -Portland ' ,

; ‘ ;Piace, London Wl; sndBurke’s •'

; and Savilt'-s: Guide to Country ’
Rouses;, East- Anglia, £25 post ^ -
: freh;--frovn Felicity Mortimer, .

-- -Burke's . peerage. -: -56» : Walton

- .-Street, -London,- $W3, . ■ .- -.- '

"Free txmkleto: Angtimfrf

. Property- Outlook, -from ’Martin
-Freeth; SavIHs,'# and' 16; Upper
. King Street, Norwich. Norfolk,*' —

• andA&n Jordan/. Savills. I3G, j ) 1M .

ancient jnanoc. Dews Ball, now. ■ *

demolished. (Offers .in toe

region of JE275,fl00)., ... . • ." T :

In toe Suffolk section dtthe - SJLl ^ J™* ••

book' is ' ‘Hftveningham

recently add by Strutt : «nd ; JW - ■

Parker, who also have .Stultoni'."2^5jL«^SlL - ""
House, Stutton. sfeat of a branch -

of.toe Parry. Okedoh famHy, for -

sale. On offers in the region.' of .■ :
£200,000. This bouse is ‘also "■

featured in their current sales ^ - -

brochure, and it is Interesting
to. note, the differences, in toe

fruni

icoiuicu iii. ujca uulciii oaiea . . . . j - Tr __ rtr .

brochure, and it is Interesting 3i«»op f Stortford Herts,
to. note, the differences in toe • . ; Ppr general reading: Peter7 ... .
photographs. The agent’s' one. SteggaH's East Anglia ; (Robert
presumably mbre.. . U^-lo-date, Hkle^ I979 f , f 6.50) 7 ' . - ' '

International Realty

offers a collection of
fine U.S. residences for sale

The foremost marketing agent, for luxury real estate properties
throughout the United States, invites you to meet our representatives
in London, 16 February 1982.

We "look forward to introducing you to our outstanding selection
of American residential property for sale, including
PALM BEACH HAMPTON
an exclusive oceanfront condominium offering of
superb styling and impeccable craftsmanship in Palm Beach. Florida.

To arrange a private appointment, and for further details,
please contact our International Liaison:

John Prince

Sotheby Parke Bemet & Co.

34-35 Bond Street
London W1A2AA
Telephone 493-0671

HYDE PARK, W2

A Lovell Homes Development l/MMit 'h
of new, luxury Apartmentsanda Penthouse. '

VIEW TOMORROW 2-5 p.m.

SHOW FLAT-6 RADNOR PLACE, WZ 01-258.0164

A selection of superbly fitted arel equipped
3 Bedroom Apartments anda4 BedroomPenthouse,
with fitted carpetsthroughout
. andfullyequippol luxury Kitchens.

125 year Leasesfrom£16^500-

READY FOR IMM EDIATE 0CCU PATI0W. . -

Weekday viewing ^appointment only thi^^ ‘ .

Chestertons

Chartered Surveyors • '

40ConnaughtStreet, Hyde Part<, London W22AB '•
^ - QL2625060Telex: 8955820 -- ' J

: -HjERTFO^SH IRE

7' APSLET MANORFARM

Loadoa 25 Mies '-
• Hemal Hempstead- 2 miles
- • In outs rinding Rural "

... - surroundings ■

V PERIOD- FARMHOUSE

.. v- 7 -Cottages

.. EXTENSIVE FARM BUILDINGS
' • ' Tin lit - -

157. ACRES > -

. For Sale in 18 Loti : .

Auction 25th Jxbriiaiy 1982

- - ' l V: -- FAULKNERS'

i- --'49 High Street.. Kings Langley
f ' - -- Herts W049HU ' -
Tel: Kings Langley
j . . .. (09277)68166

SWITZERLAND

FOREIGNERS- can buy apanmenti
on. LAKE GENEVA, In Montreux
nwr --Duonnirta, ymtt. round

tsBons:,: St-Cergus near Gansva,
V?I Oiifimtl and Verbiar.
NNAWCWg - UP TO 50-70% AT
WW INTEREST ' RATES. .' Alao
T. anartmvqni --in - Franco:
fVIAN - .-on :>Lake- . Ganna, and
. MEGEVE,- . suramar and. winter para-
dlaes,- both approximately 35
rnlnute a . from' Gemvfc‘ with NO
RESTRI.CT1DNS. . -

. .- Advise *ra» jirefoired -

. • Write to: ■■

Developer c/orGiobe Plan 5A’

- .MMfc-Rapo»2A

1006 Lausanne. Swttzartand

l3H3vIHiffih'll

SWISS ALPS

BEAUTIFUL CHALETS
APARTMENTS

VERBIERs Quatre Vallees. Best skiing in Switzerland. Luxury
apartments with hotel facilities.

VILLAR5: Close to Geneva. International renowned. South-
facing luxury apartments. Also: Montreux, Les Mosses near
Gstaad.

MERlBEL: Trois Vallees. Widest ski area in Europe.

MEGEYE; Prar sur Arly. Sophistication and charm. 1 hour
Geneva.

VAL DISERE & TIGNE5: Ski throughout the year.

Apartments from £30,000-£1 50,000

Up to 70% finance available
CONSULT THE ALP SPECIALISTS

17 Montpelier St. London SW7 01-589 3400
223 Royal Exchange, Manchester. 061-834 3386
8 Hill Street, Edinburgh. 031-225 4993

ABERDEENSHIRE

15 miles from Aberdeen City Centre
LET FARM LAND AND SOME FREEHOLD FARM LAND
FOR SALE

Possible development potential.

Could interest private trust or institution^

Further details Box TSG12. Jinanciel Times
JO Cannon Street. ECdP 4BY

|e? Jackson Stops & Staff]

J4CURZONSTREET LONDON W1 01-499 6291

Paignton Town Centre only 1* 3 miles

AN IMPORTANT AGRICULTURAL INVESTMENT ON THE
EDGE OF THE BOROUGH BOUNDARY

6 Bedroom modernised Farmhouse. 2 Cottages, Traditional Farm
Buildings, Land in 2 blocks of good South Devon soil. Main
Water. Electricity and Drainage: -

CONSIDERABLE POTENTIAL
Rent £3,000 per annum subject to review

• ~ forSale b y P ri v ate T reaty - : —

Apply Joint Agents: Stratton and Holborew, Emtar Tel: (0592) 7B460 or
Jsckson-Stops & Staff, Yeovil (Tel: (0335) flo6B)

GLOUCESTERSHIRE

A40/M40 2 milts - Cirencester 16 miles - Cheltenham 17 miles
Swindon 23 miles . M4 Junction IS 2$ ropes

AN EXCELLENT AGRICULTURAL INVESTMENT
BROADMOOR FARM

Sherborne, Near Bourton-on-thc-Water
r „ , A first class dairy and t:orn farm - " -

For 5alc .and Leaseback on Full Repairing end Insuring basis
Penad Farmhouse. 4 Cottages. Traditional -Buddings
MODERN DAIRY UNIT FOR 240 COWS- - : ,

.50 ac res established young plantation#

About 14 mile; single bank Trout Fishing
ABOUT 574 ACRES 'IN AtL-
For Sale by Private Treaty %:■

^ . . . . Rylands A Co.

The Mead Horn. Thome* street, Cirencester, Gist
Tel? .Cirencester (0285) 3101

Blackheath

Superb views over Heath from newly- mo demised, -purpose-
built, four-bedroom fiat. Independent central heating, Dine
kitchen, fitted carpets, etc.

£43,$00 for .quick sale.

Tel: 01-692 8130

DILLINGHAM CORPORATION

MAUI ISLAND
HAWAII

. APARTMENTS BY BEACH

FREEHOLD ^

$1 50,000 — $289,000

DOUGLAS INGUS
. ' . A PARTNERS .. .

- OM08 1612

SOUTH Of SPAIN

PUERTO DE LA DUQU&A

30 . ram utas. from . Gibraltar air-
pon. Marine and Beach apart
manta. SO mooring*, tennis,
•wiimmng pool, gdl and beach
ejuo. Apartments from C3S.OOO.
come and aae us at our Exhlbl-
52" ■ *> Uri; 12 * and. -13th

Knightabnoga. London, -SW3, -
17 Monmelier St London, 8 W7--
- Tof;- 01 -583 3400 - . 3

M»Kdrac»r.eei-834 3388

Edinburgh; 031-225 499T .

[MONTPELIER INTERNATIONAL I

SOUTH OF SPAIN

SOTOGRANDE

20 - minutes (ram Gibraltar air--
2 . fl?” > too nos. -..tannia,
boeon -club and polo. Beach
apartmanteTftnri .CZS.000: villas
”Wn £48.000. Coma- and see us-
** p EaMbition bh ' fun, 12th
T3ttv' Martin- -»r Hvdo Park
«12 U '• London.

17 Mstt^ier Gt Lootton. SW7
r • W: Mrfi89 3400 “
°eT-*34 3288
• Eoinburgfa: 031^225 4933

MONTPELIER INTERNATIONAL

rJg f N

WESTMIHSTEB, S.wri

Company .R at , . Bedn»m.- -bStfc-

- - BBrf !
kitchan ■ equipment' ^ , v :

CHBTSTOJN5 ’

2 Cale Street London. SW 3 SOU
• .01417 5211 .-■

Kiwncial -Tunes .Saturd^ ^February 6-0982 ....

LEISURE

:*pyre.

K-'V

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• -j. 1 : 'a‘

• ; -Y

•;%- j-.

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■ * •»1»- ^

• -'"i r_

'

^VAPXEAjU, woeSd *e ttw first
.to agree thaT titebad patch
; tiaesp; -went. itoroQgb dn tiie jtjid-
. ftWate 1870 b .was. Uk% aheir
■.'own fault. '

; YIt jwas ife© one of tSiose
r. fiainalsf. ronrsY i it : 1 wtetcfc . one
- branch: tfoesnMrtaSc tcrfeenfrer
a“d sweten (J® -lt : vsfiflesa't «Sst
VVauaohaffl And /Opej hajJ been
.General Mot^;i3»iQjanies for
donkey's years irat had. always
*Mtoved aggresstady todepen-
Oent Unea. 'ip the "boom years,
racy got atfay^witfrit But after
w ; first oil. crisis Opel picked
tup. QuibWy wfceraas iVanxfcall
wentintoa nasi We decline. :

. ' Everyone knew that VatcrimH
■WKiM hsrt to poof its car mak-
,:tog jw?tanses .wife OjteFiT it
-WPO' to eurvire but. ft re*
maliied sturtfconriy separate
torahing from one crisis to

MOTORING

' STUART MARSHALL

, - another because its products
>- ware outdated and it couldn’t
make enough of them to be
profitable.

L Finally, Big Daddy back' in
* Detroit got tough, saying that if
VauxhaM wanted to continue as
.a car producer, it would have
to integrate its product lines
with Oped. The coming together
began about five years ago and
now every Vauxhall is an Opel
doppelgSnqer wr&i just enough,
cosmetic dfeanges to let you tell
them apart The Gherette is the
old rear-drive Opel Kadett; the
' Astra the new Kadett Outside
- Britain, the Cavalier as the Opel
‘ Asoona, tire Carlton the Ttekord.
the Viceroy the -Commodore,
the Royate Saloon fee Senator
, and the Royal Ooupd the Monza.

In Britain, the marketing
organisation is so tightly knit
-that VatahaHs and Qpels are
sold from the same showrooms.
The only Vauxhall entirely
manufactured here is the
Chewtte, but .most of the

r ^y 35 “d Cavaliers and all the
- " r t ° Ps are British built from
components drawn from various
countries. Viceroys- and Royal es
a re imported complete from
.Germany.. So fee Vaoxhafl is
bow an- international ralber
■ than. . a British marque and is
very much the better for : it. In
fact, Vauxhall have never , sold.
as .good a range of cars as they
do now.

Two Vaujchalls I have tried
recently are the Astra 3.6 auto-
matic and the Cavalier SR
1600S. Both were five-door
hatchbacks, with 1,600 cc four-
cylinder engines and front-
wheel drive.

.The Astra felt unusually
vigorous for a family-type auto-
matic. The transmission was
not over-eager to hold high
engine revs, or to kick-down
into middle or low, bur then it
didn’t need to; 90 bhp is quite
a lot of power for a light, com-
pact car. Full throttle accelera-
tion held low to 35 mpfa, middle
to 62 mph— speeds which could
be greatly exceeded (if one
wanted to waste petrol) by
shifting with the selector. Norm-
ally the transmission slipped
silkily into the higher ranges
at aroLfnd 20 mph and 35 mph
respectively and a .hill had ' to
be steep to bring it out of high.
For so brisk an automatic with
an easy 80-85 mph cruising
speed, it is . fairly economical.
I did a -lot of town driving and
motorway running and still saw
30 mpg.

Ride quality was good, though
with some tyre nimble. The
handling was almost in the Alfa-
sud class and the steering felt
sharp on winding roads though
quite heavy when parking. The
hatchback body has so low a
sill -that it almost rates as a
slant-tailed estate. The sbelf
that coneeals the luggage from’
prying eyes drops down
instantly against the rear seat
if you want to carry a dog. At
£5,963 the automatic is £457
dearer that the manual Astra
1600S GL, but it is one of the
nicest ^two-pedal cars of its size

VauxhaJI** sportiest CavaJJw. the 1400 5ft. looks distinctly Rovcrith
__ from the tail end.

The Astra 1600S GL A vigorous family automatic with almost an
estate car’s utility.

on the market today.

From the Astra I moved to
the larger Cavalier SR1600S,
which costs £6,062 with manual
transmission and looks de-
cidedly Roverish from the rear.
Despite its sporting pretensions,
.with ultra low profile Pirelli
P6s on alloy wheels and hip
hugging Recaro seats, the
Cavalier's engine is in the same
state of tune as the Astra
automatic's.

At 60 mph in fourth the
tachometer has moved well past
the 3,000 rpm mark and one
instinctively reaches for a fifth
gear. ' There isn't one. at least
for the moment At 6,000 rpm
(SO mph in third gear) the en-
gine is working hard but
happily and at its 107 mph
maximum, engine revs are a
little over 5,700 rpm. So the
Cavalier SR. while not de-
liberately overgeared for motor-
way economy, is not under-
geared, either. In town, it pulls
well from 25 mph in top. Fae!
consumption, given that one
tends to drive a sporty model
a Jittie harder than normal, is
reasonable at 30-31 mpg. with

37-38 mpg in reach of the
lighter footed.

The fat tyres rode harstly
over broken surfaces. As 1 noted
at the lime of the Cavalier’s
introduction, power assisted
steering (not currently avail-
able) would be appreciated at
low speeds, though on the open
road the present set-up is fine.

The Cavalier -is a generous
four-seater with massive luggage
space. But the. rear sill is so
deep it i s like loading a three-
box saloon with a boot. The
height of the p arcel shelf com-
bined with the rake of the rear
window makes it no easier to
reverse up an unfamiliar drive
at night than a Rover used to be
before it gained its extra tail-
gate glass.

On a crosscountry journey,
the Cavalier SR was most enjoy-
able but. as a package, it dis-
appointed slightly. Perhaps my
expectations had been inflated
by its super looks. They
shouldn’t have been. Experience
has taught me that sporty ver-
sions of family cars usually give
away too much comfort for the
sake of a little muscularity.

T r

Pruning roses

r rs

-ar'

•-~r

■ ■ .-zrz
: m

• . . ■■••"'-j®

• . -a: •

VfTZERU*

A NOTE FROM the Royal
National Rose Society reminds
. me that in many , parts of the
country roses have suffered
severely from cold this winter
and may require extra hard
pruning in consequence. It is a .
useful reminder because one. of
the peculiarities of this winter
has been the very patchy distri-
bution of cold and snow. In. my
own .garden ..there have been
occasions when it Jiad been deep

; in. snow Jtofl. jet 'Wtt 13. Xa 15 .
miles' away, -there has been no
snow at aH- Most of the damage.'
in . my garden. Jias been caused"

. by the ■riKer^-rWeight of snow,
collecting Yon branches and
• ever g r e en - leaves and causing
. breakage .ea? complete collapse.
Though i there have been some
pretty*qp7d ; day5.and even colder .
nights, to the garden, no records
have been "broken as they have
hr other parts Of the country
and so far roses have suffered
Tittle. '

’. . So cleaaSy tiiis year there are
no general instructions that can
be given for the pruning of
roses.- Some gardeners, myself
among them, will be aWe to
follow the hook and prune much
as usual. Others wiH have ^to
-improvise according to wha£
they find when they : start to

GARDENING

‘ -ARTHUR HELLYER

iO'OC'^

u ■>

prune and niy advice would be
to leave this as late as reason-
able, say. until the last fort-
night in ' March in most parts
■ ' of England, Wales and the west
coast of- Scotland- and maybe 4s
late as the first week in April
in the north of England arid
- - the central and eastern parts of
Scotland. By this time danger
tT. of further severe . damage
: f : should be over -and it will be
possible -to. assess just what
' needs to be done.

: ATI rose growers ;■ whether

members of the Royal National
Rose Society or not, are
welcome to attend, free of
charge, demonstrations of rose
pruning in the society’s garden
at Chiswell Green near St.
Albans, Hertfordshire on Satur-
day and Sunday, February 27
and 28 from 11.30 am until
2.30 pm. This should be very
..helpful' and will enable non-
members of the society to see
what a fine garden this is ana
how we3Z it might be worth
tiwir while to join the society. _
For those who cannot go and
see for themselves how it
should be 1 done and may be a -
little . uncertain what hard
pr unin g means, here are. a few
general observations on the
• subject. First it must be dearly.,
understood that amost all pui>
chased roses are budded, (which
is a form of grafting) on to
root stocks which are quite dif-
- fererit from the garden roses

^Most ' P £x* stocks
than garden roses and wriipro-
babW survive even the severest
oold experienced in tb® wrst
hit parts of Britain tine winter.
But this could bo a danger
rather than an advafta^sioce
« may 1«<1 -

growers to believe that
loses are still alive when effec-
tively they are dead.

Bush roses and c ™ n ®v~i
including ramblers, are toidd«o
. just below so H level ..and « w
from this inserted rose grow®

; bud that the .first garden rose

stems grow. TSfi /precise pom.

of budding can usually be
identified’ plainly at or just
below goil level because several
. stems converge here and can be
seen even if they are dead. These
is a general thickening of the
plant at, this point and if all
growth right down to this level
is brown or purple and, when
the baric is scratched, is seen
to be brown .and dry beneath
the plant is almost certain tly
dead beyond hope of useful
'recovery. Any .new,. growth ihat
copies .from further, dowiv per-
haps even ’ director .Trim the
roots, wil be root stock which
win ’ produce wild roses not
garden - bloonts. .Such bushes
should be dug ujf and replaced.

This does trot apply to roses
grown , from cuttings, as home
produced roses often are. All
growth from these, whether
high. ;ip,- low down or even
direct *rom the roots, will pro-
duce rcses of exactly the same
character. Each plant has a
single Identity and is not two
different pianto joined together
by graftirg. Such roses have a
greater chance of survival to a
very hard winter since ' those
plants below ground are
unlikely to have been frozen
so severely or for so long as
the stems above ground.

With standard roses it is
different again. Almost invar-
iably the whole of the main
stem is wild rose and growth
buds of the garden rose are
inserted on this at the height
desired for the head of
branches. Usually three buds
are inserted on each standard
stem and .the branches will be
seen converging on three differ-
ent points an inch or so apart
but it is not always so as it
does not follow that, even if
three buds were inserted, all
have united with the* stock and
grown .- ■ However ' flfrere will be
quite dear points near the top
of the main stem fcrom which
the garden rose grows and if
there is ho live growth here
the rose is effectively dead even
.though it produces vigorous
growth from lower down the
main. stem.

With all tills dearly in mind
.one can. set., about pruning
roses and tiro very first thing
to do is to cut out all growth
that is dead even if this means
removing a branch comoJetely.

As I have already said, dead
growth will be brown or dark,
even Maddsh-purple, but if in
any doubt just nick the bark
with thumbnail or knife and see
if the tissue beneath is also
brown. If it is still green, life
remains and there is hope of
survival. The pruning cut
sfhouW be made above a growth
bud as high up the stem as it
is still alive. Another way of
approaching the 'task is to
prune the doubtful stem about
half way down, inspect the
wound and, if it is brown, prune
again a Httle lower until green
living tissue is found.

Haring got rid of all that is
dead there may still be further
pruning to be done. There may
be some very thin shoots that
have survived bat are unlikely
to produce good new growth.
Cut them right out or, at most,
leave them with one or two
growth tads. There may be
stems that, , though not actually
dead, are diseased or damaged.
If you "are sure about this, cut
bat* as far as " necessary to
eiimtoate -the damage com:
pietely but if to doubt, and ft
is very easy to be in two minds
about .this kind of damage so
early’ to 'the year, leave it for
the moment but keep a sharp
watch on it to April and May

by which time it should be pos-
sible to see clearly whether it
was disease or severe weather
damage that was causing dark
blotches and small splits or
merely superficial weather
damage winch time will heal.,

If there is even one live bud
of garden rose growth on a rose
bush there is hope for its sur-
vival. After ail, if it is a bush
rose it probably only had one
live bud when it started life in
the nurseyman's field. All the
same I would be doubtful about
retaining a rose so badly
damaged as that unless it had

some special sentimental value
or would be difficult, or per-
haps impossible, to replace.
Even in the first week in April
there is still time to replant
with bare root plants provided
they are in good condition and
after that one can carry on
planting all spring and summer
from containers.

When all dead or severely
damaged growth has been re-
moved it may still be necessary
to do a little thinning out or
cutting back to improve the
balance, of a plant or encourage
it to produce large flowers.

Luxury
trains of
the world

TRAINS WERE once romantic.
Those were the days when Vic-
toria Station echoed with the
muffled sound of announce-
ments of departures to Paris,
Venice and even . . . Constanti-
nople.

Meanwhile, in New York, the
characteristic lengthy drawl
cultivated uniquely by American
station announcers, intoned the
details of routes to New
Orleans, Arizona and on, over
the Rockies, into California. In
Canton there were last minute
calls for passengers to Xian, Da
Tong and so to Moscow. All
this time passengers in Delhi
know that their steam train to
Jaipur would arrive bang on
time.

But all is not lost. This year,
in a remarkable explosion * of
iron horse revivalism, all these
services are being operated, rt
is clearly the year of the (well-
heeled) rail buff.

Purists will, of course, argue
that real romance connot be
restored to the Orient Express,
the Sunset Limited or even the
trans-Siberian if it is diesel oil
rather than coal or wood that
provides the bulk of the motive
power. But the astonishing
workmanship and love that has
gone into the restoration of
some of the carriages used, par-
ticularly on the Orient Express,
serves to reduce, if not dispel,
such doubts.

And anyway, if steam is the
prime concern, then Indian
Railways' “Palace on Wheels"
promises that you will “steam
down memory lane." The Cen-
tral Kingdom Express, which
carries passengers from London
to Hong Kong, does not specify
a steam locomotive at any point,
hut if my own experience is
any guide, steam is a frequent
feature of the tracks and. at Da
Tong, you are promised “the
world's last steam engine fac-
tory."

First into the fray, three
years ago, was Mr Philip Mor-
rell of Voyages Jules Verne,
who says that when he started
his Central Kingdom run H we
were accused of operating a
publicity stunt. . . but now more
than 1,000 passengers have
spent more than £2,300 each
and the service operates weekly
in both directions.”

Now Morrell has two other
rail trips on the London-Far
East route, the Tian An Men Ex-
press which cuts out much of
the long haul across the Soviet

The restored lids Pullman carriage for the new Orient Express

Ashley, ‘Ashwaod

plains by replacing it with air
Travel and the Red Arrow, a
quick, but all rail, journey to
Hong Kong for non-fliers rather
than tourists who want to stop
and stare en route.

He has also introduced the
Cape to Cairo express and the
Taj Express.

Morrell's journeys have now
been joined by at least three
other competitors in the search
for serious rail travellers — the
Orient, the Welcome Back to
Rail's Golden Age journey

TRAVEL

ARTHUR SANDLES

across America, and the rela-
tively short-haul Palace on
Wheels service in India.

It is the Venice/Simplon.
Orient Express service which
seems to have most caught both
imagination and headlines—
hardly surprising since the train
and staff were assembled at
Victoria Station for the cham-
pagne launch party.

This particular project is the
pet of Sea Containers' president
Mr James Sherwood. Sherwood
is something of a nostalgia
king. Sea Containers already
owns, and runs superbly, the
Cipriani Hotel in Venice and,
in alliance with Annabel's Mark
Birley, the exclusive Harry's
Bar in London. To buy a train
to link the two seemed obvious.

Sherwood bought the neces-
sary carriages and has had the
British ones restored at Carn-
forth. near Morecambe Bay,
and the Continental car work
has been split between work-
shops at Bremen and Ostend.

The original service started in
1883. When, that year, the
Simplon Tunnel opened
between Switzerland and Italy
the service with its basic run

from Paris to Milan and Venice,
with through carriages to Bel-
grade, Sofia, Athens and Con-
stantinople. began its golden
years. The service restarts in
May of this year and the basic
fare to Venice from London will
be £250.

The carriages used for the
Welcome Back to Rail’s Golden
Age trips being marketed by
American Express are not quite
the lavishly furnished objects
that form Sherwood’s Orient
Express fleet but they are
supremely comfortable restored
Pullman cars.

Unlike the Orient run, almost
everything on board is free to
the passengers including “free
24-hour-bar and room service."
On the eight-day and night trip
which runs via New Orleans
through Texas to Tucson and
Phoenix and thence to Los
Angeles there are daily papers,
closed circuit TV, live on-board
entertainment and radio tele-
phones to case anyone worries
about tile office.

Each bedroom has its own
sink and lavatory, and air con-
ditioning, and there is a shower
in every coach. The £1,596
starting price includes trans-
Atlantic flight, three nights stay
in a New York hotel and four
nights in Los Angeles.

The £95 base price for the
Palace on Wheels trips from
Delhi does not, unfortunately,
include the cost of getting there.
None the less travellers > are
promised colourful bazaars, ele-
phant rides, and the grandeur
of old palaces. The nms, which
started in January and continue
until late March, operate on a
series of schedules, the most ex-
pensive of wbicb Is £220 for a
seven-day, all meals trip.

The rolling stock for this
Indian Palace train is once
again a collection of former
de luxe carriages, this time
those used by maharajahs and

the like. Each saloon, which
accommodates no more than
eight people at most, has its
own sleeping berths, lounge,
bar. kitchenette and two lava-
tories.

The train comes complete
with a separate dining car and
an air-conditioned observation
car with bar. There is even a
library, a children’s corner, a
handicraft shop and a foreign
exchange counter. (The elephant
ride is included as part of the
trip).

Sherwood's Orient Express
may have the glossiest brochure
but the Palace on Wheels, run
jointly by Indian Railways and
the Rajasthan Tourism Develop-
ment Corporation, seems to
have cornered the market in
poetic writing.

“The 20th Century Holiday
Palace that will wheel you to
ecstatic horizons of Rajasthan,
was used in the 19th century.

“Rajasthan, an expression of
creative aggression. Myriad is
the expression unfolding to the
Time Machine. Revesting the
Supreme Joy which the Vedas
have felt. In colours, in flowers,
in trees, in lakes, in birds, to
men, in women, to art, to
costumes, in chivalry, to the
wild, in the exuberance that is
Rajasthan."

Ah. They don't write British
Rail timetables like that any
more.

• Further information: Venice
Simplon Orient-Express. Sea
Containers House. 20, Upper
Ground. London, SE1. Voyages
Jules Verne. 10, Glentworth
Street, London, NW1; American
Express, 19, Berners Street,
London W1P 3DD. Palace on
Wheels Information Service, 23,
Ramillies Place, London. Wl;
or American Express, 6. Hoy-
market, London SW1Y 4BS, for
the Indian services. All prices
quoted are brochure prices and
may be subject to change or
surcharges.

TRAVEL

VILLAS IN ROMANTIC SETTINGS
— THATS THE MAGIC OF ITALY

For lovans, for families. • beautiful variety of villas in Italy.

In Ravello, rtia VillBtte with ua own delightful garden and swimming pool
Splendid for romantic twosomes or families. The Magic of Italy Item
only £126.

And in the ancient fishing port of Cafafu in Sicify. choice of studios and
aoartmanis for two to six. very near the marvollous beach. Go all year
round from now. The pure Magic of Italy Irom
C153.

FREE colour brochure from AST A agents or cell
the specialists.

Dept FT. Russell Chambers.

Covent Garden. London WC2E SAW.

Telephone 01-240 5386 (24-hour brochure service)
THE SPECIALISTS or 01-240 5SSJ for yaur reserve rione.

-■ ABTA ATOL 468B -

. Summer Adventure in
USA for 7-17 year olds-

Pull information and colour brochure from:

32 HHI Street, Richmond, Surrey - Tel: 0T-948 420T

-WANTTO SPEAK FRENCH?-

. . . You cart, through the ‘TOTAL APPROACH” to French
a unique 4-week programme on the Riviera
COMPLETE ALL-DAY IMMERSION. WILY IN FRENCH: Da.ly B. 30- 17.00 with
2 meals, in small groups. Audio-visual Classes. Language Lab. Practice
Seaslona. D lacu aalon-Lunch. Excursion Lodging In private apartments
included. For adults. 6 levels: from beginner I to advanced II.

Next 4-waofc immersion course starts March 1. March 29 and all year
Years ot research & experience in the effective teaching of French to adults

INSTVTUT DE FRANCAIS - FTB8

23. Av, OfnArel-Laefanq, 06230 VIMefranche-sur-Mer - Tel: (S3) 80.86.61

Reveal your cars
in the FT every
Wednesday

TfieHnenadThneineMpublisinsIMorCar
advertisement* every Wednesday m add* on
totha Saturday Uotnrine P*«a. Only^ £2000
persin«fecohdnham<m*ie(MmiinufnjiaB
3 entqor tfijOO par ImefMinlmuni 3 imasj

ffrftrttertbmMSHeontsff Sfcion Bo/d
. aasaO^AOiei&meiitOeoattment

Prated Times'

10 Cannon Smrt tcrefcn EGff 4 BY
• TW:01-Z4S8000 , ..

HIGH SCHOOL YEAR
IH AMERICA

Soend a year at an American high
school, while living with a carefully
selected family and oardclpatlRfl ,ln
the life of die community.

Thorough orientation, regular academic
evidence and the assistance o' an
American International counsellor resi-
dent In the community.

Proerammo cost fbr the 19B2IB3
academic year. Including vacations. Is
£1.950.

Further details from;
AMERICAN INTERNATIONA!.
EDUCATION AND TRAINING
refi avusa'Z

229 Sbalcxlmry Ava. London WC2
TU: 01-240 1061

Indids unique holiday concept, the Palace-on- Wheels, brings
back to life the vintage splendours of the age of Maharajas,
Viceroys and Governors- General we thought had gone forever.

%

m

THE TRAIN -
PURE VINTAGE

A collection of statelu

saloons impeccabl y
restored to their former

slunk

Among these saloons are fee
Bikaner State Coach, the oldest,
built in 189& The Maharaja of
Navanagar Coach with its famous
ornamental ceiling and Burma
Iteak side panels. Tbe Bhavnagar
State Saloon- the scene of many a
royal marriage -complete with
romantic verandah. Toe Viceregal
Coach - used by the agent for the
Governor General for Rajasthan—
pure white and very regaL

The vintage flavour of
each saloon is
enhanced by its coafrof-
arms, a brief history
andan-exchisrve
attendant resplendent in
period costume to Install your

MAHARAJAS

Each saloon, which
accommodates no more than eight
persons, has its own luxuriously-
cushioned sleeping berths, lounge,
bar. kitchenette and two toilets.

The bain itself includes a separate
dining car, separate air-
conditioned lounge-cum- -
observation car with a ban
children's comer, library, games,

I WTV handicraft shop.
I fyv/i iX foreign exchange
counter. safe
h depootitsown
distinctive post marie
and postal service

and a sound
system for
announce-
ments and
music
What more
can any
gradous

mahar aja
want?

THE ALL-INCLUSIVE
PACKAGE
From only
per person

The cost of this incredibly
nostalgic package indudes
travelling on tbe Palace-on-
Wheels, fti/1 meals on and off the
tram during the course of the tour;
fee itinerary - including entrance
and guide fees to monuments etc
— camel, elephant and boat rides,
sight seeing in luxury buses,
cultural entertainment at selected
.points, visits to additional places of
interest. Children under 12 years,
50% off.

TBE ITINERARY -
Princetu tours of
glorious Rajasthan

Tburl £220 per person

7 days 7 nights , March 20, 1982.
Delhi - Jaipur- Udaipur—
Jaisahner- Jodhpur— Bharatpnr-
Aga-Delhi.

7bur2£125 per person 4 days
4 nights February 15, March 9,
1982 Delhi- Agra.- Jaipur—
Jaisahner— DeihL

lbur 3 £95 per person 2 days
3 nights February 28, 1982
Defer- Agra- Jaipur- Delhi.

DELHI- Old and new, historic
capital of India.

J/iZPtW- Dazzling pink city cf
Rajasthan

UDAIPUR- Shimmering desert
paradox of lakes and palacec
JAISALMER- A goden creation
in fulfillment of a holy prophecy.
JODHPUR- An airy fantasy in
exquisitely carved sandstone,
JBHARATPUR - One of fee
world's most spectacular bud
sanctuaries.

A GRA - Renowned for the Taj
Mahal, eternal testament to
human love.

Plus visits to Ranakpur from
Udaipur: to Fatchpur Sikri from
Agra and to the Sam sand dunes

fromJaisahncc

Following a short break (to
incorporate even more
refinements) fee PaJace-on- '
Wheels resumes its fantastic
journeys in August

for the full story in colour
write to Palace-on- Wheels
Information Service.

23 Ramillies Place, London WL
.For information on

reservations/bookingscotttacf

American Express
Ttavd Division, 6 Haymarket
London SW1Y4BS.

Telephone 01-930 4411.

Vintage India AU The Why

HOTELS

PERSONAL

FOR A BETTER
NIGMrS SLEEP

LET HEAL'S REMAKE BEDOlNG
DEPARTMENT RENEW YOUR BED
Contact Alan D«ar
- HEAL'S BEADING FACTORY
Dept. FT; 138 Tottenham Court Rd
London, Wl

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Roses ARC RKO.^VtoMflS are Blue. Will

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BOOKS

Poor little rich girl

BY RACHEL B1LUNGTON

Every Secret Thing
by Patricia Campbell Hearst
with Alvin Moscow. Methuen.
£8.85. 466 pages.

The Patty Hearst kidnapping
became a major news story over-
night and remained one for
what must be record time for
an individual— who isn't a 61m
star or President of the United
States. Her story had every-
thing. Millionaire's daughter
snatched half naked by masked
raiders, carrying machine guns.
They declare themselves to be
the previously unknown Sym-
bionese Liberation Army and
force Patty's father to re-
distribute some of the legendary
Hearst wealth in food hand-outs
to the poor, casting two million
dollars. But Patty slays kid-
napped. Then, just as the story
seems to be fading, she is photo-
graphed taking part in a bank
raid in which two bystanders
are seriously wounded. Tania, '
the latest recruit to the S.L.A.
is bom, wearing a dark wig and
carrying her own gun, finger on
the trigger.

Under coercion? Or of her
own free will? Now the ques-
tions start. A barrage of infor-
mation or misinformation about
her past revealing every sort
of delinquency, from telling a
nun to go to hell to major revolt
against her bourgeois back-
ground. Had the good girl gone
bad? Or had she never been
good at all? The controversy
raged. The Hearst family
needed barricades.

Then again, no Patty and the
limelight turned elsewhere.
Only to blaze up more furinusly
when six of the group holding
her were burned to death in a
grand shoot-out between them
and an array of police, as seen
live on television all over the
United States. Was Patty one of
the charred victims? This
question at least was answered
when she was eventually
arrested with two more surviv-
ing members of the S.L.A.

When asked by the police-
reception what her profession
was she answered without a

flicker. "Urban guerrilla." So
rhe central question mark con-
tinued over the several months
of psychiatric examinations
which preceded, finally, the
endlessly prolonged trial.
Villain or victim? True urban
guerrilla or brain-washed
prisoner? Hie press, interview-
ing eager doctors, lawyers and
even the judge (who managed
to die before sentencing) kept

the mystery going. Rape, burg-
lary. murder and still all that
Hearst money. The flamboyant
F. Lee Bailey, her defence
lawyer, used every angle.

Patty was convicted. .'But
after something over a year
she was granted '* Executive
Clemency” by Jimmy Carter
himself. Back in the world in
February 1979, almost five years
after her kidnapping, she soon
looked once more like . an
ordinary bright and lively Cali-
fornian girl. One more flash of
publicity when she married her
bodyguard (addicted *. to
jailers?), providing the Camp-
bell part of Patricia Campbell
Hearst and then peace: Pre-
sumably she hopes to live
happily ever after.

Now comes this hook -ready
to unveil all the mysteries of
what happened during .those
many years of captivity— if it
was captivity. It is a large
book, opening with an Explana-
tion of her privileged though
not pampered childhood and
life until the snatch and then
going into literally day-by-day
and often bour-hy-bour descrip-
tion of what happened during
the whole period she was out-
side society. The initial drama,
two months in a cupboard with
a gag in her mouth, a- radio
blaring music into her ears and
death ever threatening outside
the door, is a small part of the
picture.

Soon she is learning about her
captors, their leader “ Cin." a
black escaped convict, “ Cujo,"
the only other male, a white
man, and the four women, also
white. She gives them dialogue
and makes vivid pen-portraits.
It is revealing to match these

descriptions of desperadoes with
their photographs which in the
case of the girls show nice
smiling middle-class faces.

There is no doubt that this
book must become a handbook
for anyone studying the psycho-
logy of the various guerrilla
groups- now spiking democracies
all over the world. The past
history of each member of the
group is also documented so
that one ; can see the moment
and the reason when each one
became alienated from society.
The reason is always different
but almost never a matter of
genuine ideology. They were
getting their own back on a
world which had given them
nothing— or worse. Attack is
the best form of defence. Their
theories for a brave new world
which they expanded in their
various tape recordings to which
Patty contributed. . were
muddled to say the least.' The
one thing that they did under-
stand was the power of pub-
licity.

It is at this serious level that
the book is most interesting.
The actual fabric of the story
soon becomes monotonous. The
truth was that their life of self-
imposed captivity in M safe
bouses” was incredibly boring.
As Patty describes it, they
passed their time in two ways.
First there was “military train-
ing” which was taken extremely
seriously, including wild runs
up and down stairs laden with
packs and guns. Secondly, there
were meetings. These went on
for hours, 'often far into the
-night and consisted of a mix-
ture of group-therapy and plans
-for future action.

The action, in Patty's time,
one bank raid and one attack
on a dry goods store, kept them
in a state of nervous excitement.
That and their constant close
proximity to each other. Never-
theless the style of the book is
Oddly flat, .whether a true reflec-
tion of Patty’s attitude to her
nightmare experience or due to
deficiencies in the writinc of
her co-author. Alvin Moscow, it
is hard to say. It does give a

Quiz master

V"-. >

“V r- .•

BY GEORGE WATSON

Thoughts and Thinkers
by Anthony Quinton. Duckworth.
£28.00. 365 pages

BOOKS OF THE MONTH

Announcements below are prepaid advertisements. If you
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Silver. The Restless Metal
ft. W. Jastram

An anamination of this orecious
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with gold in these respects?

John Wiley & Sons Ltd. £17.25

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Hol low Fi he rs— Manufacture
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This book describes the currant
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ChemicaJs for Oil Field
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Health Care. Products —

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New Developments in Flue
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Covers tha latest developments in
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Publications. 326 pages £35.75

Coal Gasification Processes
Edited by Perry Nowacki , ,
This book presents, in concise form,
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While the high price of 'petroleum

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Contains approx. 250 photographs
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detailed notes on the craftsmen
who created these masterpiece?
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in English.

Aurora, Leningrad

(Collet's) G7-»

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Architectural Ensembles of

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Contains photog raphe, map* and-
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together with a map of their goo-
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Iskusstvo, Moscow .. • ..

(Collet’s) . ..

sense of dreary reality to her
descriptions of even the most
sensational aspects to her story.
Her sex with the two men of
the group, although clearly rape
in the sense that it was against
her will, is told in such a way
that makes it clear ' she was
already a kind of zombie,
beyond a screaming protest —
even an inner scream.

As she comments.

“ my thoughts at this time
were focused oo the single
issue of survival. Concerns
over love and marriage,
family life, friends, human
relationships, my whole pre-
vious life had really, become,
in S.L. terms, bourgeois
luxuries.”

Thus, already, at this early
stage, she was brain-washed.
The sadness of the Patty Hearst
nightmare, from her own evi-
dence, is that she seejns to have
had no inner life strong enough
to even begin to combat the
effect of the terrorists. She
never saw her captivity in any

other light but that of the
threat of imminent death. . Her
story is never seen in - moral
terms. Even now she sees the
whole affair as- a purely prag:
matic question of her survival.
She - never- hesitated ' for a
second in joining the' gang al-
though she knew perfectly well
this would involve her in kill-
ing. By chance the S.L.A. had
chosen a victim whose essential
passivity was perfectly fitted
for their methods.

Every Secret Thing is not aq
enjoyable book. Those reading
it for thrills will not be satis-
fied. But it is an important and
depressing book. No-one. except
perhaps Patty's parents who be-
haved with dignity, conies out
of it very well. Police, lawyers,
press, all played their own
game, mostly with the kind of
ineptitude only equalled by the
S.L.A. itself. In the end Patty
can be most charitably des-
cribed as a pathetic victim of
the lethal pressures in our
society.

Fiction

Red jokes

BY MARTIN SEYMOUR-SMITH

The Book of Laughter and
Forgetting

by Milan . Kundera. Translated
from the' Czech by Michael
Henry Heim. Faber and Faber,
£7.95, 228 pages

What We Talk About When
We Talk About Love
by Raymond Carver. Collins,
£6.50. 159 pages

.. Milan Kundera is the respon-
sibly answer to what might be
described as our present politi-
cal arrangements, and when we
read him we ought not to think
that- he is merely joking. His
first novel was called The Joke,
and his life has in some ways
been an ironic joke. He was
a- meinber of the Czech Com-
munist Party until the takeover
in 1948; thereupon he was
immediately debarred from it

Kundera devoted himself to
writing and to films, and some
of his earlier works were pub-
lished without interference.
Then.. after the Russian invasion
of. 1968. he was thrown out of
his post as professor at the
Prague Institute of Advanced
Cinematographic studies — and
all. his books were removed
from the country's public
libraries. But he stayed until
if was no longer possible for
h'tm’ to" exist, when he went to
France.

So The Book of Laughter and
Forgetting, which for once lives
up to 'the large claims made
for it- .contains much ex-
perience:.. the absurdities as well
as the 'horrors of . tyranny, the
way ‘ in /which the creative
imagination can respond to a
reality- which it could not even
in its vftise- moments invent,
because it- ;is -so tedious and
humourless and . .cruel, the
knowledge that the quest for
virtue cannot be knocked out

of anyone, gyen by Communist
bureaucrats. Easy enough to
read, this novel, well translated
from the original of 1978,
demonstrates tiftt what so many
people denigrate as modernism
is no more — wbjen it is not pre-
tentious— than a hew and essen-
tial form of realism.

The novel is in seven parts,
each one bound to the other in
unexpected ways. Instead of
reacting to the horrors that
form the historical background
to his subject matter in an
earnest or shocked or attitudinis-
ing manner, Kundera deftly and
humanely concentrates on the
quotidian, thus demonstrating
how psycbopaths-in-office cannot,
however desperate their need,
prevent life from " going on as
usual.” All they can do is to
change its direction: they cannot
change its quality, often
neither good or had — but always
vital when you understand it.

This is not a book for a
reviewer to describe. It is always
■pleasurable to read, good-
humoured. comic CRundera's
country is that of Hasek. as
well), aod unobtrusively com-
passionate. You will learn more
about the nature of the Russian
Empire and the traitors who
serve it from this than you ever
will from the most worthy
histories and non-fiction
accounts.

It is a novel good enough to
bring up. once more, that
perennially asked question: does
first - class imaginative writing
really arise from neurosis and
sickness? Compare this with
the speech of any politician,
even a Western one.

Raymond Carver, an American
story-writer and poet, collects
17 of his laconic stories in What
Wc Talk About When We Talk
About Love. There has been a
great deal of enthusiasm about
them (“ one of the great writers

It is not the past that has
much interested British moral
philosophers in our times, un-
less as a treasury of examples.
Present and future understand-
ably look more urgent Collect-
ing 33 of his articles on past
thinkers from Hobbes to
Mortimer Adler, and on such
well contested, problems as
equality and tragedy, Anthony
Quinton can lay some claim, in
his preface,, to a degree of
eccentricity. But then he is in
no danger of being mistaken
for an ordinary chap. He is a
.professional -.- philosopher at
Oxford, a noted radio voice, and
the head of a college that
numbers Landor, Cardinal New-
man and Jferemy Thorpe among
its members. "What he has now
done- adds to his distinctions,
and to his college’s: he has suc-
ceeded in writing an entertain-
ing book about some traditional
concerns of moral philosophy.
These are- brisk, footnotdess
essays, and at times (it seems
almost . shocking, to confess)
something ..-little, ; of

amusing.

. Quoting Mary Midgiey. Mr
Quinton, complains in his pre-
face of the “tiny arid garden”
of British moral philosophy. Its
masters have been too little con-
cerned with the sheer history of
thought, so he argues; and he
dismisses Bertrand . Russell's
History of Western Philosophy,
which might be thought to
stand out against him in this
argument, as too regardless of
strictly historical considerations,
and too bound up with its own
polemical purposes, to be pro-
perly called a history at alL

Mr Quinton’s own mind is
neither tiny nor arid — it has
been watered far too often for
that with notions large and
small— but I suspect his interest
in the past is not in principle
enormously different from
Russell’s “ timeless senior com-
mon room ” of philosophical
debate. There is nothing much
the matter with that, provided
you are ready to accept it

The real case for this book
is that, like public gardens, it
is open to anyone. In its dis-
jointed way, being composed
over more than 20 years, it
amounts to a popular history
of Western philosophy since
Hobbes. Hume, and some un-
fashionable Victorians, all seen
through very twentieth-century
spectacles. with backward
glances nt Plato and Aristotle.
The emphasis, too, is twentieth-
century British: Russell, G. E.
Moore, Wittgenstein. Popper.
Mr Quinton has a quick hand
with ^position, and can always

lay nut a familiar problem, like
elitism in a dextrous -

dent way. Arguments - are ;
marvellously accessible. * jhd /. ^ '

(.preface apart) conmendaWy -

unpretentious. You. do notJuLve
to be a philosopher to -read it •

You do not even have to-be a *•'./*
philosopher to want to. : . S
I suspect tire la£ reader 'may
well find the second part, which - .
is on thinkers,- ‘more inviting CV
than- the : first,' whidi 'is .'wi ""
thought. People arei'a&dre iun
tlan. ideas. .-The- very:, titie. of

esse, nce? • Hi- T rinhyXoflege*.OxfbM: a polished

run it offers through Aristofle, - ,-v .. . . Qumteti ■ -
Marx and Sartre .-tilrns. out, in . - * . f , r

the event, to be witty, arietpeurt- . •• -.r' ..V

scoring. Mr Quinton has a . flair knowledge, and* '-/fiat this- is
for summary, as. SBC' listeners almost certainly .true of every
know. If his subjects, gain little qiia : of us. .Sd j much' for those
in .philosophical status from. fits ' jvhp ihink /'social conditioning?
pen, that indicates the, limits he 1 an ~uh^nsw^able 'objection to
has been content to set himself. hetieL- But the ensuing amount
He is not intent on widening ;the - of .the value of testimony is -one
boundaries of existing know- of the few. passages where .the
ledge or understanding, prof as- book fails to convince- Bertrand
sionally speakingMmerelr. opr RuflsMl'pnqe ' remarked that our

sense of what
knowledge is.

This is a relaxing book,; sur-
prisingly - enough: an any j. long
monographs., potted ' into one,
and often as elegantly right-

that existing learning a" native, language is
-*.* a : testimonial r tb the habitual .
veracity of. .out parents;?. . Sir
Quinton finds -this; ” too" 'flit
some," 7 ' on the grounds '. that'
Without .gcaierariveraci^-^ -there ■

minded as philosophical essays ftEpujd be -uo^TingirntM: com-
are ever likely to be. One might “uhity. in the first place. ,

sometimes be. inclined to say
that Mr Quinton' sfcales'.on thin
ice, were it not that the depths
beneath' his ptoge are , so vifcory
far frtm-tiangerdus. it Is nor his

i . The.obiectiqn to-this^ls purely
-hypothetical I bope^and^ "I. hope
It-'- may remain' ' so. But '/Gwen
liars have : to use most of tiieir

I nr rmm nanppmm. ir is nnrnis .7 - .. . .• - -.

object, to appearances,; ;to .terms Accurately.- in;,- order 50a-
imply' ‘ that ''\phik>6opky -is.-i a- ' vipcingjy to tell 'their tie® 1 at
highly important activity: just.- ad&'jndJt 'is; still probable "that
that if you . .djocse. ,-to go.-. in a . .-child -who was -told ■ nbtirihg
for that sort q£ youioftght ^ tfes' woald in th&cud leam

as well gfet if -right

" his mz tive ."tongue. A little more.

■ An-awful lot of peepi-e, -bs , -he slowly than. otherncftildreh,

has -noticed, do hips: aiir ^rim6ttt «hphatio.

no essexi.ee ati, and.Tw^toi 1 ^ 3 ^ Cretans .w^re liars, .it is
all). - tren ripni -Still- possible . to.'imagine that

apostles of ■ egalitarianism, all there might be. - a- language
fail to win approval or sup- 'calitfd' Cretan. 2 '-
port So do those Proto-libbers, . v T : **.-**-*

Frieda ' Lawrence ' and • • Lou ' ' £ to have made

Andre as-Saiome, -iwhn tare 'seen

off here in-" two -* 'iiilatidbuBiy • • ®*«‘

funny reviews . as ; the seH- s ^“ y ’ to

inflating female ^-n

hof least in bed: -They will-

SSZ l ‘Ani'TH amMi'M Thiakm an

futabon on t&e

An interesting, cflscaspton whble. and-nne .tiiat does not
called “Authority -and-autonomy attempt to Jtopose any exacting
in knowledge" rightly, endorses ;inbdels"'o£ behaviour.: Its- con-.
Sir Karl Popper’s famous point, "ceras are analytical rather than
(I wish it were even /more, hortatory. So_far ss it points
famous, than it. -is) that tradi- anywhere; it 1 ; points, .conserva-

MM aaaI Ta~ i l .I.A Hwi. . ■ .. 1 f 1 A

r.Jt-. -

• Vi .

us, is ‘‘fey far the- most Bmport- and mteUectual'fflinfehis of our
ant soureef;of-.our r Mcwded^.'' -age. -This iVa miid. and wholly
When.- challenged ;-tbaf->.we - the end.

believe' sometinng/bhlyibfficause designed' for /a' 'readership of
we are tola it, then, it# helpful -which professional philosophers
to be able 'to. reply that fhisjs/ will form only th.e most minor

■'. -.Vs

why we. .believe mjim mrrinost part.: /Btrt- then- Us arguments
of what passes tu our njuiais for./ are-forijs -all. “ r. . V ■ ■

Milan Kundera: absurdities of
tyranny

of America but this is
premature. A few years ago
there was a “ minimalist " style
fashionable in English (not
American) poetry. You were
afraid of your feelings, which
nevertheless you had, and so
you cut them right out, wrote
a very tiny poem, and hoped
that the reader would think you
were toughly compassionate and
tight-lipped.

It did not work, and the
results of the minima list episode
have already been forgotten: the
weakness was that the prac-
titioners had no epigrammatic
force. Carver, too, is a minimal-
ist — but in the story. He knows
that life is terrible, fraught with
suffering, comic when it is most
tragic, and that he cannot do
anything about it. He feels it all
deeply, and this feeling does
sometimes come across: it does
so when he is not trying, but
simply imagining. Otherwise.
Tor all his cleverness, he is
being evasive: shying away from
the real issues nf feeling and
meaning— even if only meaning
in the terms of his personal
vision.

All a chequerboard .

BY ANTHONY CURTIS

Tiie Koval Game and other

stories .

by Stefan Zweig, translated from
the German by Jill Sutcliffe.
Jonathan' Cape, £6.95,' 304 pages

The Poetry of Chess

edited and introduced by
Andrew Waterman. Anvil Press
Poetry (paperback), £4.95, 159
pages

.Although chess .would seem
to appeal as a pastime to
people of scientific or mathe-
matical cast of mind it has a
strongly aesthetic- side to it
Roger Fry, for example, loved
che&. and' I- cannot but feel
that the Bloomsbury doctrine of
“ significant form in' ait owed
something .to the game. The
great, .chess-playing contem-
porary novelists are Nabokov
and Beckett, both of whom have
marric^-.chess. with literature.
Nabqwy in bEs. hovel The
Defence, ,pmong- other works;
BecJeett/in -Mufpfty. and in bis
play^Ettf Game?

(Rhe? .modern chess-novelists
incljicie Martin Ami's and
WiUlam Golding.' In spite of
the very jigly - light in which
Golding- reveals the chess-play-

ing father in Darkness Visible
he himself has a genuine love
of the game. *

One of the most gripping fic-
tional accounts of a game of
chess was written by the
Austria n-Jewish novelist Stefan
Zweig in The Royal Game. This
now makes a welcome appear-
ance in a new volume of his
stories which contains a percep-
tive introduction by John
Fowles. The chess tale turns
on a man's period of solitary
imprisonment, punctuated by
interrogation from the Gestapo,
during the course of which he
sustains his power of resistance
by playing games of chess
against himself in his head.

Chess has also bad a strong
appeal, from the middle ages to
the present- time, to poetsl as a
rich source of imagery, and as a
.figurative model for amorous
and political contests. This has
given Andrew Waterman, who
is a chess-player, a poet and a
lecturer in English at the new
University of Ulster at
Coleraine, the excellent notion
of making an anthology of
poems about chess over the cen-
turies, preceded by a fascinat-
ing essay of Ms own on chess

and poetry. The launching of
the book was celebrated with a
reading at the Poetry Centre,
Earl’s Court, after which the
British champion William
Hartson played against IS
members of the audience simul-
taneously. Seventeen of them
lost, and one (Peter Loughrey)
managed a draw.

The anthology stretches in
time from Chaucer and Lydgate
to Pound and Yeats. It includes
contemporaries as diverse as
Patricia Beer and John Berry-
man. An impressive modern
poem on- -a chess theme
w-as published within the past
few years, “The Most Difficult
Position," by John Fuller, about
the proposed match between
the Englishman Staunton and
the American Morphy. This
match never took place, though
by all that is sacred in chess
it ought to have done; just as
last year’s' world; title match at
Merano ought have been
between Karpov and Fischer.
Through a series of dramatic
monologues after the manner
of Browning, Fuller depicts the
contrasting temperaments of the
two putative opponents, . and
penetrates their motives for
wishing to play and not to play.

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ITES

Victory in Wijk

BYLEONARDBABDEN

JOffiV NUNN? . reafltftatole

performance at Wtfk aanVZee
lart - weekend. ' givey -raaaewed.
promise that Britain can
develop' grandmasters of • lie
highest, class. ' The;26-year-o4d
Londoner shared; -first prize
with Yurt Balashov of the USSR
in a category 13' tournament,

- ahead, of several worid title
contenders. - .

Full ■' scores .id '-’this, the

annual Hoogoven - international,
were Nunn - (England) . and
Baiashovv(USSR> 8* out . of 13,
Hoit (Czech) and van dar Wiel
(Holland) 7$, TaL .(USSR),

NikoUc -; ( Yugoslavia ) , Kavalek
• (U.S.), Soeonko (Holland) -and
Hnbner (West Germany) 7, Ree

- (Holland) 61, Timman (Hol-
land) "54, Christiansen (U.S.)
41, Sunye - (Brazfi) 4, Chandler
r(JJew Zealand) 34. - -

. The tournament had an
"average rating of 2,556 (equal

- Jto a British grade of 2444). It
was - thus marginally stronger
than the 1980 Phillips and Drew
Kings in London where. Tony
Miies tied for first with Korch-
noi. also with 34/13, in a 2,554
event.

; Those behind Nunn included
: Tim man, currently ranked
;worid No 2, Tal, the great
.attacking genius, and Hubner.
the defeated 1981 candidates
finalis t: With that background,
the result fa probably Hie- best
ever individual performance by
■a. British player in international
-chess.

The world ranking list dis-
cussed in last week’s article
placed Nunn 18th, but now he
"should be in the top dozen and
among Hie superelite of grand-
masters rated 2,600-plus. Most
■significant, he is at least four
".years younger than any of his
non-Russian rivals..

On present trends Nunn
' could become world No 3 after
'Karpov and Kasparov within a
coutde of years..

•- The British player won his
individual encounters with Tal,
Timman and. Hart . while his
only .. loss ' came unexpectedly
‘against Nikoiic. Nunn y^ Tal
appeared in last week’s column.
The game below was played in
the opening round and demon-
strates why the M hedgehog
defence” (pawns at QN3, Q3
and K3), so fashionable
j among.- many tournament

players, requires precise hand-
ling. Here Black tries to counter
earlier than, usual and Nunn
wins brilliantly.

White: J. D." M. Nunn
(En gland ). Black: J. Sanyo
(Brazil), Sicilian - ’ fWijk aan
Zee 1932).- v

. 1 .P.K4, P-QB4; 2 N-KB3,
P-K3; • 3 P-Q4, PxP; 4r -NiP.
P-QR3; -> 5 P-QB4, N-KB3; 6
N-QB3;

6 . •. . B*N5.Is,more forcing.
- 7 BK2, RJ0fr8 O-O, 0-0; 9
P-B4, R-Klr 10 B-K3, QN-Q2; 11
Q-KI, Q-B2? 12 Q-N3. R-Nl; 13
K'Rl, P-QN3*: 14 QR-Q1, N-B4?

.Bfacfc - seriously underesti-
mates. White’s central attack.
Normal strategy ;in this type of

position is 14 . . . B-N2 followed
by QR-B1 end Q-N 1; Black then
Units any further expansion of
White’s centre while waiting
for an opportunity to counter
by . . . P-QN4 or by . . . Q-Rl
and . . . P-Q4_

15 P-K5! KN-K5; 16 NxN,
NxN; 17 Q-R3. P-N3; IS B-Q3,
B-N2; 19 NxP !

Taking advantage of the
weakened king's defences. If
now 19 . . . Q-Rl then not 20
N-Q4 ? QxQ; 21 PxQ; N-B7 db
ch; 22 K-Nl, NxP mate but 20
BxN, BxB; 21'PxP, threatening

22 P-Q7.

19 . . . PxN; 20 BxN, BxB;
21 QxKP ch, K-N2; 22 PxP, BxP;

23 B-Q4 ch, K-Bl; 24 Q-B6 ch,
K-Nl; 25 KR-K1 !

The hidden point of Nunn's
sacrifice. White threatens 26
Q-R8 ch followed by Q-N7 ch
forcing the BK on the king's
file and thus winning the bishop
with check.

25 . . . Q-Q N2. Protecting
the . bishop while guarding
against 0-N7 mate; 26 Q-R8 ch.
K-B2; 27 QxP ch. K-K3.

If 27 . . . K-Bl; 2S Q-R8 ch,
K-B2; 29 Q-N7 ch with the same
finish.

28 QxQ, r signs.

: After 28 . . . RxQ; 29 RxB
cb. K-B2; 30 RxR White is three
pawns up with a simple end-
game win.

POSITION No. 409

BUCK tt3nm)

I (;W « n,

onisK^oon

mmmmmma

IWHITE Ct2neo)|

From the Russian champion-
ship semi-finals, 198L White
(to move) gave up a rook to
reach this attacking position.
Can he justify the. sacrifice, and
how should the game go ?

PROBLEM No. 409
White mates in two moves,
against any defence (by O.
Wurzburg, 1917)- . .

BUCKO n*fl)

mm m

m:,\

ami

WHITE ( 6 men)
Solutions, Page 10

BY E. P. C. COTTER

-MARTEN : HOFFMAN, who faaS
; a great, track record in pairs
events, •_ has just produced
Hoffman On Pairs Play (Faber
£6.95) ,a book which I am happy
to recommend to readers; it fa
■most instructive.

Let" us watch the author
playing this diamond slam:

N • " ’ ’

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OAK9
■ OK 10 9 2"

■ ' '. +*K J 10 4

W . E

* 10" 7 4 ' * 8 6 5 3

t)7 6 3 9542

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+ A Q 8 5 3 *976

, S

♦ AQJ9

9 Q J 10 8 .

O A 8 7 6

* 2

Martin dealt in the South seat
,af a love score, and opened the
bidding with one diamond.
North forced with three clubs,

. and South rebid three no
trumps. . Over North’s four
diamonds the opener srid four
spades, and after a Blackwood
check for Aces found himself
in six diamonds. .

After making the Ace of dubs.
West switched to a heart, and
South had to find some wajr of
avoiding a trump loser. Dis-
missing the chances ^of a
doubleton Queen, Knave In one
hand or a singleton honour with
East, Martin decided to play for
a Devil’s Coop.

To bring off this rare ending,
"it is necessary to arrive at a
position where one defender
holds three trumps, the other
two trumps and a planj »rd A
break in hearts was essenp^L
so the declarer cashed Ace,
King, and Queen, and followed
■with three top spadw. _ The
"third spade was ruffed on the
table, and there followed the
club King and a dub ruffed hi

hand. In the four-card ending
dummy held K 10 9 of trumps
and the - Knave of dubs,
declarer held the spade Queen
and A 8 7" of trumps. West was
left with ' J 5 of diamonds and
Q 8 of dubs, while East had
Hie 8 of spades and Q 4 3 of
diamonds.

When South led the Queen of
spades. West correctly threw a
dub, and dummy ruffed. The
club. Knave -was returned, and
the defence was helpless.' If
East ruffed low. South would
over-ruff; if he ruffed with the
Queen, declarer would over^ruff
with the King, and then finesse
dummy’s diamond ten.

We turn to From All Angles ;

N

♦ K J 6 3

O 10 5 .

O A 10 6:

* 8 6 4 3

W E

* 8 ♦ Q 9 5 4

C A Q 9 7 4 9 J.,8 2

OQJ954 OK732

* A 7 +95

•V V s

Bright

sparks

- '

UNTIL now the idea of solid
fuel stoves which double as
cookers and. central heating
units has seemed to make more
sense for large- countiy houses
than for the smaUs-r living units
that are the inevitable corollary
of urban life. However, a new
shop at 49 Ohittero Street. Lon-
don. Wl, hopes specifically to
sell the sort of stoves and offer
the kind of .advice that those
who live in. cities (and London
in particular) need.

"Run by Rose Gray (whom
many readers . may remember
used to manufacture a range
of -highly decorative stoves un-
til the rising pound and expert
Taiwanese copies undermined
her -market) and Moriey Mar-
keting. the aim is to offer a
complete service to -would-be
stove owners. AM the stoves
have been chosen because they
are particularly suitable for
burning the fuels that urbanites
have access to (coal, anthracite,
smokeless fuels) though there
are some that wSU happily adapt
to wood as well.

The Resolute by Vermont Castings, £741.75

In particular -at the London
Stove Centre readers will find
a splendid selection of stoves
from the American company,
Vermont Castings. Rose Gray
thinks that they are extremely
well-made, are especially suit-
able for coal or anthracite
(though they also burn wood
extremely well) and because
they are thermostatically
controlled they can be left

unattended for as long at 18
hours at a time. The stoves -have
a simple classic appearance, are
hand made in cast-iron and can
be used as room-beaters and to
heat domestic hot water— but
not for cooking (other Hum
perhaps boiling a kettle or a
saucepan). There are three
stoves (the Resolute is photo-
graphed left) in the collection
and prices range from £645 to
£725.

The great joy of the Centre,
however, is that besides showing
a good range of multi-fuel
appliances you can go there for
expert advice (choosing one is,
as you can imagine, a compli-
cated matter), you can see a
whole selection of them fitted
into position and see how they
look against a variety of
different materials. For instance,
the Wamsler. which is a stove
that will supply the central
heating -system as well as being
a cooker, can- be seen in action.

Particularly pretty is the
Italian ceramic tiled boiler —
though at £L200 it isn’t cheap.

Besides the stoves you will
find all the accessories to go
with them — things like heat-
proof gloves, coal-buckets, hods,
pipes (both steel and brightly-
painted enamelled ones), coal-
bunkers and so on.

The London Stove Centre is
open from Tuesdays to Satur-
days from 10 am to 6 pm except
for Thursdays when it is open
until 7 pm.

The Oval Godin stove, £285.

Talent show

NOBODY is in any doubt that
Britain is full of exceptional
young talent in every creative
sphere, whether it be the arts,
fashion or industrial design.
Fashion and design firms from
Italy, France and Germany
regularly come here scouting
for new ideas and new blood
but what seems to defeat every-
body in this country is how to
use it how to integrate all this
creative skill and energy with
the commercial world. Many of
the youngsters emerging from
what is one - of the- best art
school trainings in the world
find the outside commercial
world almost impossible to pen-
etrate:

chance to see the work of
painters and illustrators.

Altogether it should be a
lively and fascinating evemng.
Everything has been organised
by the students themselves —
they prevailed upon The Finan-
cial Times to give them some
sponsorship and they are giving
everything they make over and
above the costs to the NSPCC.

On Monday, a group of very
young and tajented youngsters,
who decided not to sit about
waiting to be discovered but to
take matters into their own
hands, will be showing those
who are interested just what
they can do when they stage
their own show at the Park
Lane Hotel in London Wl.

They will hold a fashion
show in which some 90 gar-
ments will be modelled, all of
them designed and largely made
up by the designers themselves.
In between there will be per-
formances by the Ballet Ram-
bert Academy, the mime duet
Flex apd there will also be a

There will be two shows on
Monday, one at 6 pm (tickets
£6) and one at 9 pm (tickets £10,
champagne included). Anybody
wanting to go should ring
Miranda Nicolle on 01-235 6572
before 6 pm today.

• All the clothes will be for
sale and there is a rich and
varied collection of styles —
from the softest, most sophisti-
cated of suede designs by the
Magenta design team (contact
them at 939, Finchley Road,
London NW11. Tel. 01-455
9529) — prices are extremely
reasonable (for instance the
dress featured left, in beautiful
raspberry suede is £90) through
chic grey pin-stripes, hand-
painted silks; to children’s
taffeta and the sleek Puritan
look, right, by Tom Starzewski
(the skirt is grey, white and
black dog-tooth wool £110,
spotted silk crepe-de-chine
blouse £80 and red velvet
jacket, £85):

Magenta’s raspberry suede day dress

Tom Starzewski’s elegant three-piece suit

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With North-South vulnerable.
South bid one dub, West over-
tailed with -one heart, and North
doubled. .This was a negative
double, showing some 7 to 10
points and four spades. South
" rebid two spades. West com-
peted again with three
diamonds. -and after-two passes
South’s three spades concluded
the auction.

West led the diamond Queen,
won with the Ace, and a spade
was returned from the table for
a successful finesse of the ten.
After cashing the Ace °f trumps,
the declarer played the King
of dobs. West won, and Jed
another diamond, which was
ruffed fn hand, and i South
cashed the Queen of dubs.

At the seventh trick South led
the two of dubs to dunmiy’s
right. It seems natural for East,
setting with Queen, nine of
over dummy s King,
Knave to ruff, but Martin was
sitting East, mid saw that this
would be fatal Therefore, he
discarded a heart The declarer

ruffed a diamond, and played
fourth dub. This time East
raffed with the spade nme, re-
turned a heart- for West to win
two tricks, and a heart return
established the setting trick,
because East's Queen was
promoted to master rank.

Paul Desmond

It ho* been years since I
remember searching the house
for hot-water bottles, but this
winter in the big freeze our
household certainly had need of
them. Success af the year, when
if comes to covers, has to be
said to be the jokey pyjama
skirt cover sold by Strangeways.
It comes in a variety of authen-
tic pyjama shirtings, from that
peculiar shade of institutional
green, through to those rust and
pale yellows that all those
boarding school pyjamas are
made of. You can buy just the
cover for £5.95 from all Strange-
ways branches (3 Holland Sfreef,
London, WS or 502 Kings Road .
London SWJp .or- the Strange-
ways shop in Covent Garden
Market). ' Alternatively you can
buy it complete with hot-water
bottle inside for £10.35, as
ahoicn right-

bed or bathroom accessories you
will certainly find some ravish-
ingly pretty selections.

The covers sketched above
are £12.50 each (by post add
GOp extra ) and the basic colour
is white with a variety of dif-
ferent coloured embroidery.

More raffinee, less joftey, are
the exquisite collection of
covers of all sorts on sale
ot The White House. 51^52
New- Bond. Street, London. Wl.
Not everything at The White
House is as expensive as one
fears and if you arc looking for
fine bedlinen, towels and other

Jan Whaelar

If you’re still pondering on
the vexed question of St
Valentine’s- Day (Sunday,
February 14, for those who
haven't got around to looking
it up) and none of last week’s
suggestions happened to
- appeaVthen this week 1 offer
-three -more ideas, Eximious of
10 West HaJkm Street,
London SW1, is offering to
put special. Valentine
messages on its beautifully
boxed soap. The boxes are
plain and classy navy-blue
With discreet ‘'gold” mark-
ings, the two bars of soap
inside are individually
wrapped and on the wrapper
-comes the message (“Be My
Valentine.” £4.95 for the box.
If yon want it posted add £1
for postage and packing.

Halcyon Days of 14 Brook
Street, London Wl, as always,
' comes np with an exquisitely
Tendered version of the theme
(photographed above left), in
the shape of one of its small,
round enamelled boxes. This
one was designed by Caroline
Ebbora. is the 9th in the
series made to celebrate St
Valentine's Day and it is.
exceptionally pretty, Fink
roses, turquoise hearts and
ribbons are hand-coloured on
to an ivory background and in
the centre is the simplest but
most heart-warming of
messages— u l love but yon.”
production of " the box is
limited and will cease on
February 28. Available only

from Halcyon Days, £24.90

(£1 p+p).

Crummies Is a newer com-
pany that started doing hand-
painted enamel work a few
years ago. This year Us St
Valentine’s Day box is in
dusty pink with a draw-
ing on the front of a Cupid
surrounded by a rustic
stream In soft bines, pink,
greens and yellow, (above
right). £23.85 from jHarrods,
Foitmun and' Mason, Asprey.
Thus Goode, Mappin- and
Webb in London and other
gift shops.

Anybody who has ever suffered
from an allergy after using
cosmetics trill appreciate the
thoughtfulness of a rtew hypo-
allergenic range that has been
launched in a pack of minia-
ture sizes. Nothing is more
irritating than lashing out on
a new wonder product only to
find that it brings one out in

spots, bumps or staellings-
Queen Cosmetics is therefore
doubly useful for those prone
to allergies — first of all the
products themselves are ~ hypo-
allergenic and secondly, the
trial sizes are so small that
even if an allergy should bu

some remote chance be dis-
covered, the mistake is not too
expensive.

Queen Cosmetics calls its
collection of mini-sized

cleanser , night cream,

freshener and moisturiser, . the
Queen Flight Bag and for trial
sizes of all four, in a neat pack,
the price is £2.20.

Sold at branches of
Boutalls Chemists , Savory &
Moore as well as. Selfrjdges
and Harvey Nichols in London.
You can buy it by post (add
50p extra) from Queen Cos-
metics. 130 Wigmore 'Street,
London Wl.

One of the less attractive aspects of modem
life is that those who have cause to travel alone
through any area at night, whether lonely
urban streets or even emptier country lanes,
no longer feel quite safe. There are now several
devices on the market which migbt make, the
elderly, the nervous or those particularly at
risk feel safer. One of the least expensive is
an alarm torch (sketched left) which can be
used simply as a torch but it also has an alarm
which can be activated at the press of a button.
The alarm sound is high-pitched and disturbing
enough to be heard for some considerable
distance. In orange and cream, the torch runs
on three UM3 batteries and is small enough
to fit into a handbag (5& ins long by 2 ms wide
by i in deep). £2.15 from Peter Knight of
Esher, Surrey, (p + p 45p extra.)

Simpler, cheaper but still remarkably effeo
tive is the English bobby’s whistle. Silver-
coloured on a 15 ins long chain, its just 85p
and fa also available from' Peter Knight
(P + P 25i>).

Drawing; Cells Baker

PI

i

10

Financial Times Saturday February ->6 1982

ARTS

The Emerald Isle

BY B. A. YOUNG

No doubt about it. the best
thins I heard on any channel
in the past week was Radio 3's
adaptation of Brian Friel's play
Translations, made by Donald
McWhinnie, who directed it in
the theatre. It is a remarkable
play in any medium, but par-
ticularly on radio; At the heart
of its story of the encounter
between the Irish peasantry of
the 1830s and the British
Army's military topologists,
there is a romantic scene be-
tween a young lieutenant and a
local girl neither of whom can
understand the other's language.
On the stage it's not difficult
to reinember that when the man
is speaking English he is speak-
ing English, whereas when the
girl is speaking English she is
speaking Irish; but to present
this simply through the medium
of voices is an altogether more
difficult problem.

In this production (produced
by Robert Cooper in Northern
Ireland) it worked most beauti-
fully. with only a minimum of
change in the script. The two
young people were played by
Shaun Scort and Bernadette
Shorn with such humour and
sensitivity that the listener's
mind inhabited one voice after
another instantly, without hav-
ing to make any adjustment.

liarity rather than its invention
for our enjoyment. What hap-
pens in Ulysses is all rather
ordinary. It is the way in which
Joyce tells it that matters.

Mr Burgess's script is con-
fined to the more outgoing
moments, and he likes to turn
the best prose into song. The
music, in a variety of styles,
didn’t seem to me to highlight
either the action or the
characters, except in the case of
Molly Bloom, who was able to
turn into a coloratura soprano
from time to time, and not
always the best time. What any-
one who hadn't read -the book
could have made of it. Heaven
knows.

Plays among the pints

BY ANTONY THORNCROFT

iW.a gas w .v^V" - ■ "■ ->~j

There were fine performances
by Ian Bannen as Hugh, the
teacber in the hedge-school.
Gabriel Byrne as Manus. Sebas-
tian Shaw as old Jimmy Jack
with his unlikely knowledge of
the classics — indeed by the
whole company. Donald
McWhinnie himself directed. It
does credit to the BBC that they
have put on this fine piay so
snon. and credit to the National
Theatre that they should have
no objection while the play is
still running at the Lyttelton.

Tuesday, the actual cen-
tenary day, found Joyce popping
up all over the place. He even
found his way into Jazz Today
by some association with Stan
Getz that Charles Fox, didn't
make clear to .me, no doubt
because I wan’t listening very
carefully. Then in the
grotesquely-entitled Mainly for
Pleasure (what's The rest of it
for? profit?) Natalie Wheen
made up her two hours from
music that Joyce would have
known and referred to in his
writing, including “The man
who broke the bank at Monte
Carlo.”

Kaleidoscope on Radio 4 was

naturally devoted exclusively
to Joyce. Going over all the old
stuff again, of course, what else
is there to do? We had Siobhan
McKenna reading Molly’s soli-
loquy and then a bit from
Finnegans Wake: and we had
Joyce reading Finnepans Wake
and it sounded very similar.
Denis Donaghue was given the
responsibility of offering a judg-
ment of Blooms of Dublin .
“It’s a mess," he said.

London's grandiloquent late
Victorian and Edwardian
theatres are now lovingly pro-
tected and preserved. Less
attention has been paid to that
other institution which satisfied
the recreational needs of our
great grandfathers — the pub.
in particular those imposing gin
palaces which rose on signi-
ficant crossroads throughout the
metropolis.

In recent years many have
become sorry places. Too large
and cumbersome to attract the
crowds needed to enliven them
they have changed from being
the breweries' flag ships to
becoming their floating hulks.
Now the brewers are showing
an interest in imaginative
ideas from prospective tenants
and some of the pubs are alive
again.

The Latchmere, a Watneys
pub in Battersea, dominates its
neighbourhood. When it was
built around a century ago it
obviously served as a commer-
cial hotel as well as watering
the locality. In recent years it
has been something of a white
elephant — now it is a theatrel
Or rather the top room fea-
tures *' Gate at the Latchmere,"
and serve? as a south London
base for the Gate Theatre of
Notting Hill which has estab-
lished itself as one of the most
successful pub theatres in

London.

Persuading Lou Stein, who
runs the Gate, to open an exten-
sion south of the Thames was
the achievement of Guy Davis
and Derek Savage who have
taken over the tenancy of the
Latchmere. Davis and Savage
run Albion Records, a company
which brings ■ together two
traditional survivors in a reces-
sion — the drink trade and
entertainment Albion is a
record company with at least
one major artist • Hazel
O'Connor, star of Broken Gloss,
on its Hst, and a music pub-
lisher. It also runs pubs.

Davis and Savage got into the
pub business through their
management of. Brinsley Sch-
wartz, a band much admired
since its demise. In those days
— the early seventies — it was

believed that playing the pub
circuit was a good way for a
band to build up a following
and break to fame and fortune.
It never happened but the
experience introduced Davis
and Savage to the pub world.
They took on the Hope and
Anchor, a run down pub in . a
rough; part of Islington', and
turned it into the leading rock
pub in London, the breeding
ground of new wave bands.

Everyone from Elvis Costello
to Madness played the Hope and
Anchor and successful albums

were made immortalising this
unlikely contribution to enter-
tainment history. Davis and
Savage built on their oppor-
tunity. taking over the Nashville
in west London and creating a
£lm business selling records and
beer.

The Latchmere is their first
venture into the theatre and
involved a major investment in
converting the first floor of the
pub into a hundred seater audi-
torium, plus restaurant area. But
although the first production, an
adaptation of Hunter S. Thomp-
son’s drug fantasia Fear and
loathing in Las Vegas has been
a tremendous success, with the
original four week ' run now
extended by. a month, Guy Davis
is quiekto point out the financial
facts of life. “ Even if the theatre
sells out 65-70 per cent of
capacity throughout the year it
wm still lose £40,000. Even if
this show does 100 per cent
business it. wQl make a loss."
The theatre is there to attract
customers to the pub. The profits
come from the beer and the
food. By acting as a focus to the
Latchmere the Gate Theatre
should draw in the crowds even
when no production is playing.
It commands drinking loyalty
and Davis expects the turnover
of the pub to quadruple to
£400,000 a year.

Lou Stein has complete
artistic control over the plays
at the Latchmere but Davis and
Savage exploit the theatre
through sudh links as producing
a menu which compliments the
play. For ■ Fear and loathing
the food is MexTex; for the
next venture Comic Furfures
by Stephen Lowe fish and chips
could be served.- It seems a mild
pay off in return for presenting
the Gate with a brand, new
theatre.

-Davis is now looking for an-
other large pah in west London
to turn into a major music
house. He Is quite relaxed about
taking on the ■theatre. “We have
got to have an accountant and
a computer system. Just-adding
another business is. no prob-
lem.” Such mutually euBgbt-
ened seif inter est might stimu-
late administrators of .other
financially threatened theatres
— after all plays in inns have
a respectable history] the anisic
hail and variety grew out of
drinking rooms; and these days
every new community arts
centre makes a virtue of beer
mugs hi the staQs— at the new
Albany is Deptford you can
watch the performance without
leaving the bar. But to guaran-
tee the artistic merit of it all
Fear and loathing inLas -Vegas
is receiving an Arts Council
grant.'

Soiree de Ballets

BY CLEMENT CRISP

! The latest programme by the
Paris Op£ra ballet might be

The James Joyce centenary
continues to attract attention to
Dublin, and on Monday (still an
Radio 3) we had three hours of
Ulysses in the rather bazarre
adaptation by Anthony Burgess,
the musical Blooms of Dublin.
You might wonder why anyone
should want to add songs to
Ulysses, which is musical
enough on the page; but Mr
Burgess is not only a great
expert on Joyce, he is also a
frustrated composer, and what
better chance to combine the
two expertises?

Ulysses presents the same
problems on the radio as the
adventures of Jeeves and Bertie
Wooster. To separate the
dialogue from the narrative
involves the risk of losing the
best writing, for the dialogue
in Ulysses depends on its fami-

Earlier on Tuesday on Radio
4 was the first of 2fi program-
mes called Animal Language,
which I thought fascinatingly
interesting. It dealt with com-
munication. and if you think
communication is the sole
object of language you clearly
didn’t listen to this programme.
As for words, the nearest we
came to them was a selection
of baby cries. Two professors
disagreed about the object of
language; one said that it was
to bring some benefit to the
originator, the other that it
was to manipulate the receiver.
We are promised information
about the communication
methods of insects, crustaceans,
spiders (ugh!), fish, frogs, birds
and mammals. It comes from
David Attenborough, who is a
master communicator.

thought rather short commons,
for it comprises Balanchine’s
Serenade, the Grand Pas from
Paquiia, Dolin's evocation of
the Pas de Quatre, and a pas
de deux. Not the most substan-
tial fare, but generously one
might view it as an example
of the nouvelle cuisine where
light flavours and delicate
sources do not clog or over-
whelm the taste-buds. It must
also bo seen in the context of
the Opera ballet's concurrent
undertaking: a major new
presentation of The Sleeping
Beauty which opens this week
at the Palais des Congres for
a long season, on which I shall
hope to report after the week-
end. That the OpSra ballet will
also be playing at the Theatre
des Champs Elysees later in the
spring is some indication of
how this great company is used
to maximum effect — an idea
that might engage the atten-
tions of our own national ballet.

The Opera ballet is rich fn
dancers — if rather less so in
repertory of any permanence —
and, all being well, London will
have a chance to see it at

Covent Garden in late July,
which is good news indeeed
after the 28-year interval since
the company's 'previous visit.
This new programme, which. I
saw at the week’s end, is excit-
ing in the quality of its cast,
in the profusion of younger
ballerine and soloists whose
dancing has the assurance
which comes from an exception-
ally sound training.

The opening Serenade looked
magnificent on the grand
expanse of the Opera stage. It
must, though, have presented
certain problems of speed for
the corps de ballet, since Michel
Qu£val maintained brisk and
correctly Balanchinian orches-
tral tempi throughout, and the
well-drilled ensemble were
reduced at moments to some-
thing like Olympic sprinting In
order to preserve patterns and
a stage area. Ghislaine
formations over so considerable
Tbesmar was eloquent as the
central figure, and I admired
very much Elizabeth Platel as
the second ballerina: she is one
of the newest dtoiles of the
company, her dancing dear,
fresh and immensely satisfying

in' line and classic dignity.

These two artists were also
involved in the Pas de Quatre,
as Grisi and Grahn, but I am
not persuaded that this jeu
d'esprit is more than gala fare
without the most stellar casting.
Birgit Keil from Stuttgart was
the guest invited to play
Taglloni; it is not a role which
suits her and she missed the
charm and that prodigious and
feathery virtuosity that Markova
imprinted on the pretty leaps
and poses of Taglioni's varia-
tion. Florence Clerc, another
young itoile, inherited the
allegro waltz solo that is a
portrait' of Cerrito, and was
delightful, but her true strength
was shown later in the Paquita
Grand Pas. This has been
staged by Oleg Vinogradov,
director of the Kirov Ballet

Despite some overcomplicated
costuming, and a set like the
ghost of Bibiena palace interior,
this cascade of bravura and
showing-off is brilliantly done
by the Op£ra cast. Mile Clerc
displays a stunning assurance,
and two coryphees — Fabienne
Comptet and Catherine Goffinoo
—•sparkle with youthful radi-

ance through their transcen-
dental entries. ' The 1 prettiest
and most beguiling of the
variations — the valse Jente
which comes second in order
of performance — was done with
irresistible charm by Fransoise
Legrde.

Mile. Legrfie was also- seen in
tiie Corsaire duet which com-
pleted the programme, with
Patrick Dupond as the incum-
bent of the man’s gold lam£
trousers and yearning attitudes.
Mile. Legrfe did every trick —
and the piece is an amalgam of
the rawest and most blatant
circus barbarisms passing them-
selves off as dmreography—
with grace, opulent extensions,
and amused ease. M Dupond,
the wonder-boy of the Opdra
since he won a gold medal at
the Varna Ballet competition
five years ago, revealed that he
has grown up. Gone al-I the
pretty,- light-weight mannerisms
that decorated prodigious tech-
nical facility like so much tin-
sel; he was seen in this trum-
pery duet as a young man with
a wonderful gift for dancing-
beautiful jump, clarity of utter-
ance — that has matured into
true artistry.

hl

pL

V-

_ Guy Qzrii and .Derek Savage outsade thr Latdimrr*

Matt Monro 6 y ..iiD^‘:PEirinr_

Two monuments te another
era met this week when Matt
Monro opened in season at the
Talk of the Townl'-'Xbe age of
nuclear energy, -space invaders
and naughty disco dance -groups
has washed past the Leicester
Square Theatre restaurant,.- a
museum piece frozen' in . a
mould popular: 20 years ago.

That.it is -totally failing , to
make its mark fn the 1880s was
made ■ clear by ' the ." opening,
night’s dismal half-empty house.
Plumed plastic barbie doll
showgirls in nylon negligees
form the. centrepiece o£a :Iacfc‘
lustre floor .show, which;' wtthr.a
bold lack Of imagination, ;■
currently includes two. juggling
sociality; acts.. t . -

F.T. CROSSWORD PUZZLE No. 4,791

A prize of £10 Kill be given to each of the senders of the first
three correct solutions opened. Solutions must be received by
next Thursday, marked Crossuord in the top left-hand comer of
the envelope, and addressed to the Financial Times. 10. Cannon
Street. London, EC4P 4BY. Winners and solution irill be given
next Saturday.

Name

Address '..

ACROSS

1 Favourite non-U genus of
trees (6)

4 Duty-shirking runner? (8) .
9 One among the top perfor-
mers — top flight perhaps
<6)

LO Toaster’s double feature?
(4-4)

12 Split personality? (8)

L3 Formality of street-chief (6)
L5 I leave Caine mutiny — it is
an adolescent outbreak (4)

L6 Broken vase Len put under
bond (7)

50 Her suit sounding — and
looking — rough (7)

11 Table-shaped hill of some S.

American areas (4)

!5 Be unwilling to break rule
and get caught (6)

16 He is one up (8)

!S RI by a Rev. ordered; what
might he bring? (8)

!9 Remember to give sappers a
ring (6)

0 Draughtsman resigned unex-
pectedly (8)

II Bring down 2 6 and get a
French throne (6)

ings — middle-earth boun-
dary (4)

6 In case of possession, I give
ten away (8)

7 Home of some wallah, or
employee in Pakistan (6)

8 and 19 Get into the hit
parade? (3/3, 8)

H Change trains at Holyhead
for Staines, they say (7)

11 Philosopher discussing body
of men (7) - •

1" Giving an “A" there is irri-
tation in a sharp, ringing
sound (8)

18 Fellow inside, we hear, is
one who could get out (4-4)

19 See 8 down

22 Corrupted old wife in bed
( 6 )

23 Ancestors in the trees? (6)

24 Behind! in the manner of
aquatic bird (6)

27 That is, by British Rail, the
fare from France. (4)

Solution to puzzle No. 4,790

BBC l

9.45 Film International:
•‘Josephine."

11.35 The Light of Experience.
11.50 News on 2.
flL55-1.30 am Midnight Movie:
,- A Night to Remember."

12.40 am TJia Palace Presents, witn
Jack Jonas.

HTV

t Indicates programme in black
and white.

LONDON

9.05 am Swim. 9-30 Swap Shop.

12.12 pm Weather.

12.15 Grandstand including 12.45
News Summary; Football
Focus (12.20); Racing from
Wetlierby (12.50. 1.20, 1.50):
World Skiing Championships
from Haus, Austria at 1.10
and 1.40; World Bobsleigh
Championships from St
Moritz at 1.40. 2.10; Rugby
(2.20) from Twickenham:
England v Ireland plus
Wales v France; Europe Ice
Figure Skating Champion-
ships from Lyons, France
(3.55); 3.45 Half-time foot-
ball scores; 4.35 Final Score.

5.10 The All New Pink
Panther Show.

5.30 News.

5.40 Sport/Regionai News.

5.45 Kung-Fu.

6.35 Jim'll Fix IL

7.10 Nanny.

8.05 The Les Dawson Show.

8.35 Dallas.

9-25 News and Sport.

9.40 Match of the Day.

10.40 Parkinson with his week-
end guests.

11.40 Golden Soak by Hammond
Innes.

REGIONAL VARIATIONS:

Cymru/Wales — 12.15-5.10 pm
Grandstand as BBC1 except
Rugby Union: Wales v France —
commentary on the whole match
plus England v Ireland — high-
lights from Twickenham. 5.40-
5.45 Sports News Wales.

Scotland — 9.05-9.30 am Mag
is Mog. 5.40-5.45 Scoreboard.
9.40-10.40 Sportsceoe. 12 JO am
News and Weather for Scotland.

8.35 am Sesame Street 9.35
Thunderbirds. 10.30 Tiswas.
12.15 pm World of Sport: 12.20
On The Bail; 12.45 Skiing;
1.15 News; 1.20 The ITV
Seven from Kempton and
Stratford; 3.10 Swimming —
The Speedo Meet from
Amersfoort. Holland; 3.30
Athletics— The Los Angeles
Times Games; 3.45 Half time
soccer news and reports;
4.00 Wrestling; 4.50 Results.

5.05 News.

5.15 Happy Days.

5.45 Dick Turpin.

6.15 The Goodies starring Thn
• Brooke-Taylor, Graeme

Garden and Bill Oddie.

6.45 3-2-1 presented by Ted
Rogers.

7.45 Hart 'to Hart, starring
Robert Wagner and
Stefaxrie Powers.

8.45 News.

9.00 "The Darker Side of
Terror," starring Robert
Forster, Adrienne
Barbeau and Ray Miiland.

10.45 OTT.

11.45 London News Headlines,
followed by Johnny
Carson's Tonight Show.

12.25 am Close: Personal Choice
with Quentin Crisp.

Ail 1BA Regions as London
except at the following times:

9.10 am The Adventures ol Black
Beauty. 9.30 Thunderbirds. 12.13 pm
HTV Newa. 5.14 HTV News. 5.16 Mr
Merlin. 7.45 Magnum. 9.00 " There’s
a Girl in My Soup.” starring Peter
Sellers, Goldie Hewn and Tony Britton.
11-45 The New Avengers.

HTV Cymru /Wares — As HTV West
except: 9.10-9.30 am The Book Tower,
5.15-5.45 pm Sion a Sian.

Again (S). 5.00 Jaae Record Requests
with Pater Clayton (S). 5.45 Critics'
Forum. 6.3S Violin and Plano racftal
(5). 7.30 Fonofun Ltd (short story).
8.00 Royal Liverpool Philharmonic
Orchestra concert, part 1: Blomdshl,
Beethoven (S). 8.50 Interval Reeding.
8.55 Concert, part 2: Sibelius. 9.45
The ViHage Song Man (S). 10.30

Lair piano recital (S). 11.00 News.
11.05-11.15 Florent Schmitt (5).

THEATRES

A DELPHI. S CC 01-836 . 7*611- COYLY
caste: Oners*- -by •’ GILBERT-, and

SULLIVAN. Season must end X7- Feb.
Feb 6. 8. 9.. 10 THE SORCERER.'
Eves 7-30- Mass Wed. -Set 2-30- Credit-
card Hotline 0T-930 073t * - "

RADIO 4

SCOTTISH

9.15 am Vicky the Vilcmg. ‘9.40
Thunderbirds. 5.15 pm Mr
Merlin. 7.45 Hail to Hart 9.00
Feature Film: “Charlie's Angels—
Street Models." 11.46 Lata Call. 11.50
Thafa Hollywood.

TSW

9.25 am The Saturday Show. 10.25
Survival. 10.50 Gjs Honeybun's Magic
Birthdays. 10.55 The Incredible Hulk.
11.45 University Challenge. 12.12 pm
TSW Regional News. 5.15 Mork and
Mindy. 5.40 News part. 7.45 The Foil
Guy. 11.45 Video Sounds (Mike Old-
field) . 12.15 am Postscript. 12.20
South West Weather.

TVS

9.00 am Saturday Briar. 9.05 Sesame
Streer. 10.00 Here's Boomer. 10.30
No. 73. 5.15 pm TVS News. SJO

Mr Merlin. 7.45 Magnum. 11.45
Barney MiHer. 12.1S am Company.

TYNE TEES

9.00 am Cartoon Time. 9.10 Sport
Billy. 9;40 Thunderbirds. 12.13 pm
North East News. 5.15 North East
News. 5.17 Mr Merlin. 7.45 Magnum.
11.45 House Calls. 12.15 am Three's
Company.

6.25 am Shipping Forecast. '8.30
Nows. 6.32 Farming Today. 6,50 Tours
Faithfully. B.55- Weather, programme
news. 7.00 News. 7.10 Today's
Papers. 7.15 On Your Farm. 7.45
Yours Faithfully. 7.50 It'* a Bargain.
7.55 Weather: programme newa. 8.00
News. 8.10 Today's Papers. B.15 Sport
on 4. 8.50 Yesterday in Parliament.
9.00 News. 9.05" Breakaway. 9J5Q
News Stand. 10.05 The Week in Waat-
mincier. 10.30 Daily Semes (S). 10.46
Pick or the Week (S). 11.35 From Our
Own Correspondent. 12.00 News.
12.02 pm Money Box. 12J7 Just a
Minute (S). 12.66 Weather; programme
news. 1.00 Newa. 1.10 Any Ques-
tions? 1.55 Shipping Forecast. 2.00
News. 2.05 Thirty Minute Theatre (S).
2.35 Modicine Now. 3.05 Wildlife. 3.30
The British Seafarer (S).- 4.15 Feed-
back with Tom Vernon. 4.30 Does He
Take Sugar? 5.00 Novels Up to Now.
5.26 Week Ending (S). 5J50 Shipping
Forecast. 5.5G Weather, programme,
news. 6.00 News. 6.15 Desert l»land
Drsca; Castaway: J. K. Galbraith, the
■economist (S). 6.55 Stop the Weak
with Robert Robinson. 7J36 Baker’s
Dozen (S). 8.30 Saturday Night

Theatre (S). 0.58 Weather. 10,00

News. 10.15 Diary: Joan Bakewell
looks at the woild of the diarist. 11.00
Lighten Our Darkness. 11.16 On' the
Tram to New Zealand. 12.00 News.

ALBERT. 5 B3« 3678. CC 379 6565-
950 0731. Grp bkM 039 3092-836.
39 BZ. Eras 7,30. Thfflr» 5 Sat .Mat.
.34)0. HUNKERS OF -X NEW Play Awards

5WCT 1991- TREVOR EVE Actor of the

Year. ELIZABETH QUINN Actress ot
the Tear. CHILDREN OF A LESSER
OOP. PLAY OF THE YEAR

ALDWYCH. S 636- 6404. -CC ■ 379- -4233:
110-6. Sacs 10-4). Info - 936 - 5332.
ROYAL SHAKESPEARE COMPANY hr
London Premiere of ScfmlWrr'i - LA
RON0E today -2.0 mat A 7.30 pm (this
play Is about sexual relationships and Is
not suitable for cMhfrenfc; Prevhcwi of THE
FOREST from to Fab. Prestel 22023.-
Craup Mies 379 6061. RSC also at
The -WaraliOBSe-PtccadfHT. - -

KINGS HEAP. .226- -19J6. TmW & IS to

• 20 Feb. Dm- 7, Show B. MACREADY
■ written A pe r formed by Frank Barrie: -

LONDON
- MICHAEL

Sana

Hotline Di
instant -credit c.

. 7371.
El roadway
Mats.

055'. .01"-734'h 961 for
reservations.

AMBASSADORS. 636 1171. .Grp sales
379 6061. Eros 8. Mats 3 A Sat
.mst 5. Tkt* £6. £5. E4. £3. ROSEMARY
LEACH, DAVID . SWIFT. 84 CHARING
CROSS ROAD by -Helene Hand

APQLCO, SHAFTESBURY AYE. CC 01-457
2663. OPENS febroarv 23. LEO McKERN

Ol W9 M61 ,StKJ * PIER ' ° TOW SbI ”

APOLLO VICTORIA ' I OOP Vfctoiia Stu).

THE SOUND Of MUSIC PETULA' CLARK
E»OS 7.30. Mats Wed A Sat. -2.30.

■ox O lie* 10 ani-g pm In person-
prioos-post^At. SPECIAL HOTLINES
01-828 8665-6-7. CREDIT CARD

BOOKINGS 0-1 -834 6919-6194. TljjtE-

DATA Uitrtant 24 hr ronEmred}. Credit

card book} "OS ,01-200 0200.. GROUP

PfTEST^V^UE, S BOOKlNG >r TO >, l'I
AVAILAbSPaT ”aoRS. FR ° M

CAMBRIDGE -THEATRE. 01-536 1468.

ye»tr*"boo kiifBs' l ^Si-a36 .

PERTWEE. UKA STUBBS 'GEOFFREY
I" WORZlfc GUMMIDGC.
Era* 7 JO. Mats Wed. Sat 2-30. Doe

to enormo us i wcai extended to Sat

.Feb, some seas avail tar today's
port.

BBC RADIO LONDON

ULSTER

ANGLIA

9.00 am Sesame Street. 10.00 Sport
Bifiy. 5.15 pm Mr Merlin. 7.45 Mag-
num. 11.45 The Amazing Vear« nf
Cinema. 12.15 am At the End ol the
Day.

10.00 am Stingray. 1.18 pm Lunch-
time News. 5.00 Sports Results. 5.13
Ulster News. 5.15 Mr Merirn. 7.46
MaBnum. 8.59 Ulster Weather. 10.46
The Monte Carlo Show. 11.35 Bed-
time.

• 5.00 am As Radio 2. 7.32 Good
Fish mg. 8.00 News, weather, travel.
8.05 Weekend What's On. 8 JO Travel
Round-up. 8.33 Westminster at Work.

° n ! hB Ratas - 9 - 30 Openings.
10.02 AH That Jan. 11.30 The Robbie
y^nt Show. 2.02 pm Breakthrough.
3.30 The Great Composers. 5.00 Guido-
hne. 630 Queen. 6.005.00 am Join
Radio 2.

COLISEUM. 5 036 316l‘. CC 240 52SB.
ENGLISH NATIONAL OPERA. Toni ah t.
tE£* £!? 0 ™E MARRIAGE of FIGARO.

wJf from 10 iff on day. ■ ■ f ■;

COMEDY THEATRE. _ S 950 2S7«.

Mon-Frl 8.00. Sat
Sl'Il pl UTS 3- 5a ts 5.15. PTioo

m for children!.

XntAMiHG b* NELL 0 DUNN/ VOTED
Awards

COMEDY Q5 THE YEAR^Srrt
1981. GEOBGINA halt.

YORKSHIRE

BORDER

Northern Ireland — 5.00-5.10
pm Scoreboard. 5.40-5.45
Northern Ireland News. 12J10 am
Northern Ireland News Head-
lines.

England — ■ 5.40-5.45 pzn

(South-West only) Saturday Spot-
light

10.Zft-il.50 am and 12.15-2.20
pm Open University.

T3.05 Saturday Cinema (1):
• ** Against the. Wind,” star-

ring Robert. Beatty,
Simone Signoret, Jack
Warner.

4.35 The Play Away Square
Tomato Show.

fa.OO Saturday Cinema (2):
“ The Glass Mountain.”
starring Michael Denison,
Dulcie Gray.

6.35 Oxford: the Other Image.

7.05 News and Sport.

7.25 Did you See . . .?

8.05 Ceremonies and Rituals.

9.£ em Thunderbirde. 5.15 pm Mr
Marfan. 7.4S Magnum. 10.46 Hoar
Here. 11.00 Young Down and Out*.

CENTRAL

9-00 em The Saturday Morning Pic-
lura Show: ” Go For e Take." Marring
Reg Varney, Norman Ronmgton. Julie
Ege and Sue Lloyd. 5.15 pm Mr
Martin. 7JI5 Magnum. 11.45 That's
Hollywood.

LONDON
BROADCASTING

9.® am Paint Along with Nancy.
9.30 Sosa mo Street. 5.15 pm Mr Mer-
lin. 7.45 Magum. 11.45 Countdown
w»th Randy Crawford.

RADIO 1

CHANNEL

5.15 pm Mork end Mindy, fi 40
Puffin s Pla(i)ce. 7.45 Tha FaH Guy
11.45 Video Sounds (Mika Oldfield).

GRAMPIAN

(5) Stereophonic broedceet
t Medium Wave

5.00 am As Radio 2. 7.00 Playground.

8.00 Tony Blackburn with Junior
Choice. 10.00 Pasar Powell. 12.00 My
Tap 12. 1.00 pm Adrien Justs (5).

2.00 A King in Naw York (S). 2.05
Paul Gambeccmi (S). 4.00 Watters*
Weekly (5). 5.00 Rock On (S). 6.30-
7.30 In Concert (S).

»m AM with Jenny Lacey and
Magnus Carter. 10.00 Jollybone with
Tommy Boyd, 12.00 LBC Reports with
Das Fehy. 1,00 pm Sportswatch With
□amimc Allan. 8.00 Geer Mela. 8.00
Network: .'* Finger on the . pulae ”■
(second part of a three-part eerlas on
the National Health Service). 9.00 LBC

f w. Cl 2 r: J 82 * 1°-°° WgWlne.

1.00 am Night Extra. 4.00 Hayes on
Sunday. 4J0 Decision Makers. 5.00
Morning Music.

COYENT CARD km. 2« 1066--- S.

f^denchjirB0 CC S36 69031. SS AmuhN
acact avail jar all oerte from 10 . am
on the day of oerf. the royal ballet

LYRIC HAMMERSMITH^ S ..CC 01-741

OLD

CAST

Rudolph Wefker-T - WI,TI

TSSKSlfLYofi

PORTAGE -YO

.Eca.^b 1-236

ST 1 jgkjgy «

NATIONAL

■.QLIYIIRM

2252.

nurHiNG by. . ShibfiSDnyv. -lk». pwn
& 0 LAM&. W * ’MAYOlTcF

: Today

V’JJTlfLTori- Cntncenlam. stage}: Today
^ TRANSLATIONS

Artce tfcts)? Tot";
PLAYS bY ttarST Fo

suitable
WEST.

. excel lent.; cheap

WOMAN

children). M'onV.30 TRUE

Credit- card bkjjV
N-T also -ar not-

.928 2033.

NOV LONDON.

■S

gg h *Y c3 i9 Andrew EidnF-

eober-r. 5. -ei** Award. Winning

rat

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T5K- Vear 1981 SWET

■JS.'i*" IBOl 5WET

p™w8£?'?ay?* co ““r cA 5 irr

OflUKY LANE Theatre Royal, CC 83S

r 1 ??'. - Mon-Frt 7,30. -Sat 6.0, Oriim

a& aw jay

CAPITAL RADIO

D a«wT Rawl. cc - Sc

9.00 em Snsame Strati. 10.00 Joe
SC 5.15 pm Mr Merlin. 7.45 Magnum.
11.45 Refractions. 11.50 Dolly, hoafed
by Dally- Pa non; guest Hus weak is
Lmda Ronatadt.

RADIO 2

GRANADA

9-20 am Spiderman. 9.40 Thundsr-
birda. 5.15 pm Buga Bunny. 5.20
Chips. 7.45 Magnum. 11.45 Lou Grant,

5.00 am Peter Marshall with The
Saturday Early 'Show (S). 8.02 Racing
Bulletin. 8.04 David Jacobs (S). 10.00
Star Choice (S). 11 02 Sports Desk.
11.03 Everett MD (S). 1.00 pm Know
Your Place. 1.30 Spon on Z: Rugby
Union: England v Ireland, commentary
and news of Wales v France; Football:

"SV 3r i ham . D,na 's Breekfaat
jflow. 9.00 Countdown with Peter
Young. 12.00 Dave Cash's Caih Coun-
try. 2.00 pm Duncan Johnson'* After-
noon Delight. 5.00 Greg Edwards'
Soul Spseerum. 8.00 Juke Box Satur-
day Night. 8.00 Capital Re-Sp
David Ca ateH. 10-00 Roots Rockers
wuh^Oevid Rodigan. 12.00 Midnight

D,, “

•«7. Gni*iaiS' , s^ 1

UFP^JkA —TMCK:

BALTHAZAR^

second heff commentary on a top
league gome; news of others: “

DOWN

oter's partner

r in well-

anced, marine elopement

w-down in the factory —
mding mournful (8)
n in a Rolls-Royce and set
; ( 6 )

drogen in low surround-

HHO

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Solution and winners of Puzzle
No.' 4,785

uuaaidfci Hannsnaoi
a a a 3 □ a b
aaanaa sadHaana

K. Evans, S Beckermet Cardens
Hawcoa t, Barrow ■ in • Furness
Cumbria.

P. .1. Rowland, 28 Clifden Road
Brentford, Middlesex.

R. Pugh, .10 Nutley. Hanwoith,
Bracknell, Berkshire.

— a ..,„. ...... w. ... Cncket:

report on Efigland as they move on to
Sri Lanka: Racing from Kempton Perk
at 2.00; 5.00 Sports Report. 5.46 Clem-
fled racing and loatbaH roauH3. 6.00
Coumry Grsata in Concert. 7.00 Best
the Record. -7J30 Big Band Speelaf
(5). 9.00 Saturday Night is Gala

Night (S), including 8.W-9J0 Interval
(Forbes Robinson's Good Music
Guide) . 10.00 A Cnniury or Music

(S). 11.02 5poru Desk. 11.03 Pete
Murray's Late Show (5). 2.00-5.00 am
You and the Night and the Music (S).

CHESS SOLUTIONS

Solution to Position No. 408
While won by 1 HxB, QxR;

RADIO 3

2 N-R6 ch, K-Rl (if ExN; 3 BxP
dis ch wins); 3 N-B5, Q-B3; 4
B-K5, Q-KN3; SBxP ch, K-Nl:
6 B-B6 ! KR-Q1 (if QxQ; 7 N-Rfi
mate or if KR-KI; 7 N-R6 ch.
K-Bl; $ Q4J6 ch);'7 N-K7 di.
Resigns. K K-Bl; 8 NxQ Ch,
PxN; 9 BxR wins. ' •

CC-rj MM. 77S&.

7.55 am Weather.' 9.00 Newa. 8,06
ubeda (5). 9.00 News. 9.05 Record
-view (S). 10.15 Stereo Release (S).
.15 Bandstand (S). 11,45 I Know
let I Lika (S). 1.00 pm News. 1.05
Music Forum (S), 2-00 Play, it

Solution to Problem No. 409
1 Q-K6 (waiting), PxN=Q ch;
2 N-B4, or if PxN=N; 2 NxP,
or if K-B7; 2 Q-N3, or if K-K8;
2 N-N3, or if P*B7* 2 R-Nl.

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- In a, stark parallel to this
faded format;' February’s attrac-
'-.tioii Matt Monro has not hit the-
recording heights since the /xmd-
: 19«te. A tiny figure . vtith^ a
sligjrt > personolttyv he .exhibited
a sad .lade, of: stage .presence as
he ambled- : thr6ugli a' pfedlct-
•. abjer repertoire. . . .

Old- faydnrites like -"^Portrait
'Of My Iiove”;and “Walk Away"
hudgihg shoulders with caxabet
.'standards, such as -“Georgia On
"My Mind " showed that ber still
.has a fine fluid”^qcsl style. But
With' : 'Itfie augmented Brat
Rhodes ;; Orchestra maintaining
a lowrkey prei^QCe, and the
5j^er o^ Ms fond-

' ness 1 fbT: a -languid . laid-back
approach, tbe siuxw continualiy
verged oh-the- soporific^—-:

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Kpaficlal Times Saturday. February 6 1982

COLLECTING

SPORT

Landseer

Commanding qualities

K-Si E ,

sfi I
±sr- l

ii :

- * ■
- •• t

..i-i-. *

sr . .

rj' f

v: Bfiise am of Art last month,
r JWMdi domes to the Tate Gal-
Jery ia London on Wednesday
Vlintil April 12, there is an
opportunity to re-ess ess his
; ■ oeitvre in depth. / Once a house-
hpld name, his talents became
‘dver-exposed, his animal'' pic-
-■ ttures- heing almost, done to
&ath by their continuous re-
*• production -bn everything from
calendars - to chocolate boxes.
.• The •■.most ; over-exposed (and
.popular.) The Monarch of the
Glen, originally intended for the
-^refreshment room of the House
ipf Lords, the catalogue entry at
the Royal Academy in 1851 was : .
accompanied ‘ by the stirring
verse from' the Legends of
' Glmorchay:

Up rose the Monarch of the -
Glen

Majestic from his lair,

Surveyed the scene with
piercing ken.

And sniffed the fragrant air.

For various reasons, the
House of Lords did not take up
the commission, and the picture
was finally sold privately, even-
tually being sold at Christie’s
in 1916 to Sir Thomas Dewar
of .the "whisky distilling family.
Its present . owner is listed as
John Dewar and Sons.

As Richard Ormond, deputy
'director of the National Portrait
Gallery in London, points out in
Sir Edwin Landseer with contri-
butions by Joseph Rishel and
Robin Hamlyn (Thames and
Hudson £16), a handsome
scholarly book produced to com-
plement the .two exhibitions,
doubling as both biography and
catalogue:’ “Patronised by 'lead-
ing collectors and talked about

THEATRES

SAvoyi • cc 07-836 aoaa. For Creme
0J37 f4 Tlnafl.
Mat-TTrarx 3.00. Sat 6.00 and *-45-
5 Jfl-E.OO. Satt 430-4 30 . E«OB 830.
UEftALD fUCKNlt, SYLVIA STMS if «B
FRANCIS-'- -IHJItBRtDGE'A Hit TTiriler
• HOUSE COHST -•wrltb PHILIP STONE.
OVHt 2S0 TOTOM6UICB-
SHAFTESBURY. ;T5 CC Srtafteahury Aws
WCZ. Tal. BOx .OM. fSB 6SM- 2nd
. Year Ntn 9raon'i Hit Musical. WUWIN
SHAW. ' SHEILA BRA HO. THEY’RE
PLAYHUQ' -OUR- SONC. OAP* £4.
Mat-.- Wed 3-00. Saturdays 5.00 4

830.- Ciwllt - card Bless 930 0731 C«

• JImsK 9.00-7.00. Sata 8.00-4.30. Bed
group hfcgs’Ot ■.838, 3082.

SHAW. '07-38 8' 788 4. WoWbNwp PTOdy-
uon of MACBETH. EW Mon to Frl

• 7-00- Mats Tue. Thor A Frl 2JW. low
prices. Easy parVdag.

ST. MARTIN**. CC 8X6 7443. Evgs 800.
Toes 2-4E. Saturdays 5JM3 a ad B -00.

. . Agatha - -Christie ■» THE MOUSETRAP.
Worid's. Joogcat-over run. iotft Year.
SORRY- No raouccd prlcofrwn any
- aouror but ma bookable from LZ-50-
5TRAND. MO -SEX FLEAM — WM
BRITISH HAS MOVED TO THE OARRICX
THEATRE.

The painter of The Monarch of the Glen also designed Nelson’s lions in Trafalgar Square

Terry Kirk

as a rising star . . . from a fairly
sheltered background he blos-
somed into’ a dandy and man of
the world. His charm quickly
won him an entree into the
drawing rooms of the great, apd
throughout his life he was able
to move in the highest aristo-
cratic circles.”

■ Royal patronage came in 1835
when he painted Prince
George’s Favourite, which
featured the white posy Selim,
the Newfoundland dog Nelson.
and the spaniel Flora. And
although the painter’s speciality
was immortalising the royal
pets — he had painted Victoria’s
favourite dog Dash (“ Dear little
Dasby”) — when die became
engaged to Prince Albert she
insisted that Landseer paint her
portrait as an engagement
present fox her fianed.

Dogs and deer became his

most frequent and most accom-
plished subjects. Although as
Campbell Lennie says in his
admirable full-scale biography
Landseer . — The Victorian Para-
gon (Hamish Hamilton, 1976,
£6.95): “While it would be un-
fair to suggest that he cultivated
them expressly to please the
couple, at is also undeniable that
be could not have chosen two
animal species closer, in their
different ways, to the royal
hearts.”

In 1837 the Queen had written
in her journal: “He is an un-
assuming, pleasing and very
good-looking man, with fair
hair.’’ Yet two years later she
recorded • bis “ idleness and
laziness,” his .“ not coining to
see me at Windsor when I said
he might paint me.” his “ never
sendipg in his bills.” So what
went wrong?

Specialists in the Sale bj'Auctiontrf Coms and Medals

TMagtg TfcM«*flH952445

WEDNESDAY, 10th FEBRUARY, M 1 pm.

ENGLISH & FOREIGN COINS

in gold, ail war and copper

(Illustrated Catalogue (5 Pl ates) — Price £1/

WEDNESDAY, 24th FEBRUARY, at 10.30 am

ENGLISH & FOREIGN COINS

in gold, eflvar and copper

also a series of Historical Medals and Tradecman a Tokens

• . (Catalogue — Price SOp )

WEDNESDAY. 10«h MARCH, at 10 am

ENGLISH & FOREIGN COINS

in gold, silver and copper
afao a good aeritw of Coin Auction Catalogues
(Illustrated Catalogue ( B Plates) — Price £1)

WEDNESDAY, 17th MARCH. -at 1 pm.

BRITISH ORDERS, DECORATIONS & MEDALS

(Catalogues in course ol prepar ation — Price SOp)

Catalogues- for further Sales of Coins and Medals to be held In the Spring
an in course of preparation. Collectors desirous ot selling should
contact GLENDINING & CO promptly

Vendors’ Commission of 10% open to negotiation
on Collection of high-value
• CASH ADVANCES readily available
■Commission NOT charged to Buyers

No one has ever been able
fully to explain Landseer's ner-
vous breakdown at the age of 37.
and why his later years were
haunted by depressions, psycho-
somatic disorders and alcoho-
lism. An unhappy love affair, his
■too rapid rise to success — by
the age of 16 he was an active
exhibitor at the Royal Academy
and a Royal Academician when
he was 28— are said all to have
contributed to strange irregu-
larities of behaviour culminat-
ing in a state which made him,
as one intimate described “a
dangerous homicidal maniac.”

Yet through it aH he painted,
achieving his highest reputation,
still in great demand by the
Royals, even more so after their
infatuation with Scotland. But
his last years were pathetic. An
old friend. Sir William Boxail,
RA, observed after seeing him
the worse for wear through
drink: “What a wreck! That
one beloved .by. Royalty, petted
by those in high status and
noble in name, also highly
esteemed by all lovers of art,
should have become the victim
of so debasing a habit is truly
sad." And Queen Victoria re-
corded thet his death was a
merciful release “ as for the last
three years he had been in a
most distressing stale, half out
of his mind yet not entirely so.”

For the collector, Landseer
works appear from time to time
in the salerooms, particularly at
Sotheby Belgravia. A Highland
Pool fetched £4,600 at Sotheby’s
in 1979; a year later A Poacher
and Red Deer made £2,400.
(Highland poachers were said to
be fearless fellows who saw the
deer as much their heritage as
the landowner’s, and Landseer
is believed to have had a sneak-
ing respect for their clandes-
tine activities, his famous The
Poacher's Bothy, a spirited

RACING

DOMINIC WIGAN

NIGHT NURSE, Lesley Ann.
Border Incident, and Heighlin
are among a high-class turn-
out of runners at Kempton to-
day, where southern racegoers
should see the most informative
day’s racing of the season to
date.

In the Freshfields Holidays
Handicap, the Sunbury course
stages a fascinating Cheltenham
Gold Cup trial, while the Oteley
Hurdle is expected to give

study of a man. disembowelling
a stolen stag.)

The same year at Sotheby's a
Portrait of Sancho Panza could
be bought for £550. (The Vic-
toria and Albert Museum have
Sancho Panza and Dapple,
dated 1824, showing the inci-
dent of Don Quixote's servant
fallen into a pit with his ass,
feeding him a crust— “Bread is
a relief for all grief.”)

Last year- Chestnut hunter in
stable made £1.400 at Christie's,
and studies of a terrier in oil
and black chalk dated ’61,
fetched £3,600 on an estimate of
£1,400 to £1.800 in a Paul Mel-
lon Collection Sale at Sotheby's
last November. A high price, the
auctioneers admit, probably
because of the cachet of the
Paul Mellon name. "Look out
for early horses” is their tip,
referring to the £16.000 made at
Sotheby’s in March 1979 for a
painting of an Arab horse.

• Catalogue of the Landseer
exhibition, paperback, special
price at the exhibition, £5.95,
plus postage £1-50. cheque to
be made out to the Tate Gal-
lery Publications Department,
Millbank, London. SW1. At the
exhibition itself, which is pre-
sented with support from S.
Pearson and Son. a printing
press will be printing engrav-
ings by Landseer from such
popular plates as The Monarch
of the Glen, Shoeing and Laying
Down the Law, which will be
sold at £15 to £30 each In the
Gallery Shop. There will also be
a series of special evening lec-
tures at the Tate Gallery
(admission free), which include
one on Landseer's Lions (he
designed the bronze lions in
Trafalgar Square) and Land-
seer: The Queen and The
Prince, by Sir Oliver Millar,
Surveyor of the Queen's Pic-
tures.

pointers to the outcome of both
the Champion Hurdle and the
Schweppes Gold Trophy.

Now that Little Owl has blot-
ted bis copy /book in two suc-
cessive races, his far more ex-
perienced stable companion.
Night Nurse, has joined him at
the head of the Gold Cup mar-
ket. If the duo champion hur-
dler can give 12 lb and 17 lb
to Lesley Ann and Border Inci-
dent respectively, in this after-
noon’s Freshfields, there is
little doubt that he will be an
outright favourite on March 18.
What is more, he will be en-
titled to that position for suc-
cess under 11 stone 13 lbs here
will mean that Night Nurse has

IRELAND’S eight-point victory
over Wales was not predicted
by -the majority of the pundits
but this means that Ireland is
the only country which can lift
the Triple Crown this season.
After -last year’s disappoint-
ment when they began as hot
favourites that achievement
will be a great stimulus to the
game in general and par-
ticularly to Irish rugby.

Ireland last won the crown
in 1949 under the inspiring
leadership of their captain and
hooker Karl Mullen, da ran
FftzGerald’s own captaincy
against Wales was so effective
that one is tempted to see some
sort of reincarnation of that old
success. It is also significant
that against Wales Slattery, re-
lieved of the responsibilities of
leadership played one of his
best games for a long time.
With Beaumont, the England
captain, now out of -the game
England’s chances have
diminished but not been
obliterated.

The blow to England is more
psychological than physical but
of course it means a great dis-
ruption. It leaves one <to ask
how important the captain’s
role is and what his essential
qualities and responsibilities
are. Some that are im-
immediately evident are vision,
rugby intelligence, and an
a bility to communicate and
then to inspire.

Basically the captain’s job on
the field is to judge what is
going wrong tactically and to
put it right Sometimes because
of weaknesses in certain areas
(and these are still possible in
top cl ass rugby) he is quite
powerless to change the course

VTL -VUW lEMOV, IU VUOU5&

tactics in the middle of a game
takes nerve, and in many in-
stances it requires a con-
sensus of opinion to do so
rather than just the thinking of
one man.

Understandably, any player
always has a deep regard after-
wards for his first captain and
perhaps only years afterwards
is he seen to be human and
frail rather than god-tike. Years
later one is able to appreciate
both the frailty of one captain
and the strength of another.

I recall my first Varsity
match in 1954 with Paid John-
stone, the brilliant Springbok
wing who captained Oxford. On
the big day he had to play fly-
half and unfortunately lacked
away some very hard won
possession when in fact our
centres were dying to have a
run. A curious lack of vision
for a man with such a fine brain.
It contrasted greatly with his
successor Roy AfUaway. But
Allaway had the good fortune
to have Brace and Smith as his
•half backs and. tins pair wove
their intricate patterns and sat
the rugby world alight by their
innovations.

Allaway not only allowed such
ploys but positively encouraged
them, thus showing true vision
and captaincy. This is the
point.

There are, of course, different
sorts of captains each with his
own style. They all have to

V * a

* - • ■*.

- **

; - ■ ; •
■ vtfv' •

Bril Beaumont (left) and Steve Smith after Beaumont withdrew from
today’s international

motivate their players, and to
do that they must have earned
respect. If is vital that the
captain is picked on merit as a
player. No side can afford the
luxury of carrying one man
simply because he is a good
leader. There have been
instances, at the very highest
level, when this rule has been
disregarded.

I suppose there are three
fundamental kinds of captains:
the demonstrative, the

• OFTfRl

A combination of all three is

RUGBY

PETER ROBBINS

rare, but one immediately
thinks of Lucien Mias who took
over the captaincy of the
French team from Celaya in
South Africa in 1958. It was
Mlas’s example, excitation and
extraordinary vision that won
the series for France and
immediately established that
country as a major force in
world rugby.

Fouroux had those same
magnetic qualities that men .
respond to. So, too, did many
others including perhaps the
most outstanding Whineray of
New Zealand.

Sportsmen need perhaps to
respond to some sort of appeal
be it family, club, county or
country. Emotions seem to run
higher these days, but all those
“ motivating ” team talks, while
playing a part, are futile with-
out an accompanying cerebral
approach. Ronnie Dawson the
captain of the 1959 Lions had a
distinctly clinical approach to
the game and he became the
arch-thinker and planner.

Perhaps the most demonstra-
tive captain I have ever

encountered was Eric Evans,
but, his great asset— common to
all good captains — was that he
could communicate with his
team. He was no strategist or
subtle tactician but he was
honest and technically good at
his job. Like Beaumont and
indeed, I suspect, Uke Fitz-
Gerald, he had around him
experienced playeTs; and it is
axiomatic that a captain is only
as good as his players. Certainly
the great Welsh sides have

NEXT WEEK’S SPORT

SOCCER: League Cup semi-
finals, second legs, Feb 10.
F A Cu p, 5th round. Feb 13.

CRICKET: President’s XI v
England (Sri Lanka), Fob
9-11. Sri Lanka v England,
one -day international
(Columbo), Feb 13, and
(Col umbo), Feb 14.

SKIING: British women’s

national Nordic champs
(Oslo). Feb 6-13. World Cop.
women’s giant stelom (Ober-

run an exceptional Gold Cup
trial.

Most followers of the Winter
game will be wilting the great
jumper on. and he will assur-
edly run his usual brave race
for Jonjo O’Neil. However. I
doubt if he is now quite good
enough to cope with a fast-im-
proving Lesley Ann on for
worse terms than those on
which they will renew rivalry
next month.

Lesley Ann, although only
2 lbs better in with Night Nurse
than when she took third place
some four lengths behind him
in the Mandarin, looks one of
the afternoon’s better bets on
the strength of last Saturday's

steufen, Germany), Feb 9.
World Cup, men’s downhill
(Gaxmasch, Germany), Feb
13-14.

BOWLS: Embassy world indoor
champs (Coatbridge), Feb
0-14

RALLYING: Swedish Rally,
Feb 12-14.

SAILING: World champs. Fly-
ing Fifteen class (Napier,
N. Zealand), Feb 13-27.

confidence-boosting Cheltenham
victory. • • .

Heighlin, who maintains his
position at the forefront of the
Champion Hurdle picture after
two not altogether impressive
displays, will need to land the
Oteley Hurdle off 8 lbs less than
Celtic Ryde carried to victory
a year ago, if his Cheltenham
chance is to 56,18X60 seriously.
I hope mid believe that he will
oblige. The one-time Schweppes
favourite, Mr Mootrraker, may
have had enough for the time
being, and another hurdler
now being well supported for
that event. Donegal Prince,
could follow Heighlin home.

Turning to the North, some
more than useful chases in the

because of the talents surround-
ing the leader.

Beaumont, like John Pullin
before him, is above all an
examplarist and at least for
these two the captaincy of Eng-
land did not mean -the Judas
kiss that it was for so many
others before them. Beaumont
will be very sadJy missed on
this important day, but he is
mail and rugby player enough
to know that his successful
tenure comes at the end of a
long famine. Finally the right
connections have been made
and the right players have all
been available.

Wheeler’s claims to captaincy
seemed to be paramount but
Smith is certainly an extra-
ordinarily popular man with his
team mates. There is a heavy
burden on him today. Not only
does he have the worry of
directing the team. He js also
fighting off the claims of young
Melville. I rather think that
this will be Smith's last home
international season and his
final honour rounds off a very
happy career. For FitzGerald
and Ireland it is of course a
vital match.

Ironically the two captains af
Cardiff are not just opponents
in directional terms but in
positional terms as well. Rdeves
versus Davies is a dish for the
connoisseur. Rieves, more
British in outlook than any
other French player, has
become a national hero and a
focal point of his team. Now
that France have ripped their
team apart and are allegedly
going to run at Wales, Rieves
will have to lead by. example
and control by intelligence.
Davies's job is to restore confi-
dence in a team whose creativity
has been largely suppressed. In
their heyday when Woles ran
the ball, no one could live with
(hem. Today, unfortunately,
that.depth of talent is not there.
However, I would still take
Eagland and Wales 4o win today.

making are due to dash in
Wetherby's opener, the three
miles’ Philip Comes Novices’
Hurdle qualifier. Here, Spiders
Well, bidding for a fourth con-
secutive victory, will be hard-
pressed to give 4 lbs to Master-
plan. •

KEMPTON

L30— Kilbrittain Castle**

2.00 — King Weasel

2.30 — Lesley Ann 4

3.00 — Sea Image

3.30— Heighlin

400— So Brave

WETHERBY

LOO— Masterplan***

1.30— Shady Deal

2.30 — Checldo Ora

400— Editor

Falling in love again

SNOW REPORTS

IT IS INEVITABLE that one
should look back on one’s first
love with affection, but a tinge
of embarrassment. A week or
so ago we were three male
skiers on the tracks of our first
loves. One bad taken his first
ski ; lessons in Westendorf,
another in Fnlpmes and ns for
myself, it was Mayrhofen.

All of us had to some degree
become infected by what one
called the “ Ski Club disease.”
This Is somewhat disparaging
to the Ski Club of Great
Britain but we all knew what,
he meant There is a school of
thought in the trendier ski
bars that suggests that the only
good skiing is to be had in the
Trois Vallees or Val disere,
with Wengen/Murren nod
Verbier running some way
behind.

Going bat* to' Mayrhofen
after an eight-year gap (my
first lessons had been some-
what earlier) I was surprised
by the changes and impressed
by the range of skiing. Its

famous queues remained but
even these may diminish next
season with the construction of
a new gondola system and
additional lifts up to the
Hobergtal bowl behind the
Pcnken.

- Ernst Speiss who, with his
wife, former World Champion
Erika, runs the ski school, was
not, I suspect terribly impressed
with my progress since the
early days. He showed a dean
pair of rid heels to hds former

SKIING

ARTHUR SANDIES

pupil as he carved his way
through the cautious British,
Dutch and German beginners
who still throng the place.

,What Mayrhofen does retain
is, of course, its amazing apres
ski. atmospheres .If. anyone is

going to fall in love with the
whole ski idea — jolly times on
the slopes and jolly times in
the evenings — it is going to be
in a place like this.

Perhaps the great surprise for
a regular skier who goes back
to one of the old. and still popu-
lar, Austrian village resorts is
that the skiing is nowhere near
the elementary stuff that is
often portrayed.

At one point we took a couple
of runs in blizzard conditions
through heavy powder on pre-
vious firm moguls skiing like
bats out of belL A day or so
later I took an off-piste trail
down through the trees from
the top of the Fatscherkopel at
Igls, another frequently dis-
missed resort, which had five
experienced skiers all delighted
with the revelation and eager
for more.

This year traffic to some Aus-
trian resorts from Britain is up
by 30 per cent I can see why.
Falling in love again is fun.

EUROPE

™»e «*-) 160-470 cm Snowing after general thaw.

boll (Fr.) 145-185 cm More snow needed.

\ Jin *** E® 51 skiing afaove 2.000 metres.

Val d Is ere (Fr.) ......150-240 cm Snowfall starting.

Andermatt (Sw.) 175-300 cm Good skiing all slopes.

Crans (Sw.) 120-220 cm Good skiing on upper runs.

Davos (Sw.) 140-250 cm Perfect skiing.

Gnndelwald (Sw.) ... 30-120 cm Good snow in all areas.

Vilare (Sw.) 35-145 cm Some icy patches.

Zermatt (Sw.) 80-160 cm Upper slopes still good.

Kitzbuebel (Aus.) 90-190 cm Sunshine and good skiing.

Seefeld (Aus.).. 150-205 cm Excellent ski conditions.

Courmayeur (It.) 131-258 cm Icy on lower slopes.

European reports from Ski Club of Great Britain representatives.

THE OA

Aspen (Col.) 27- 82

Hunter (NY) 30-100

Park City (tft) 65- 98

Sqnaw -Valley (Calif:) 60-128

Stowe (Vt) 39- 84

Sngarbush (Vt) 19- 55

ins All runs open. Packed powder,
ins All runs open. Wet granular,
ms New snow on packed powder,
ms All runs open. Packed powder,
ins All runs open. Packed powder,
ins Loose granular. All runs opes.

Figures indicate snow depths at top and bottom stations.
SCOTLAND

Cairngorm: Icy. High runs complete.

Glenshee: Some runs complete, many broken. Wet snow.
Glencoe:.. Most runs broken. No snow on low slopes*
Leehti Spring snow. Most runs broken,

Financial Times Saturday Pebrua^ B i982

hnanoaittmes

LAKER CALLS IN RECEIVER

-. "N

BRACKEN HOUSE,: CANNON ST RE E T, LONDON EC4P 48Y
Telegrams: Fmantfmo, Ldncfon PSATelfex: 8954871
Telephone: 01-2488000

Saturday February 6 1982

The fight Sir

Verdict of the

By Michael Donne and Alan Friedman

marketplace

EJT THE END Sir Freddie Laker
has crashed, as noisily as he
rose to prominence in the first
place. Bat the surprising thing
is not that the financial pres-
sures have ait last proved over-
helming, but that such a
flimsily capitalised enterprise
as Laker Airways was ever able
to achieve such size and influ-
ence: The whole affair says
ranch about the structure of the
international banking system,
and the ability of an ambitious
entrepreneur to exploit it

Since 1977 Laker Airways
has .borrowed mass i v e ly, in-
. creasing its debt from some
£2 5m to a final total of over
£200m. Sir Freddie has built
up a fleet of 14 modern wide-
bodied jet airliners, and had
another seven on order before
their recent cancellation. AH
this was on a slender equity
capital base, which last March
was given in the balance-sheet
as about £2 5m. But even this
modest figure owed a significant
amount to the favourable effect
of currency swings. Since then
the sterling-dollar pendulum
has swung the other way, air-
craft values have collapsed in
the recession, and Laker Air-
ways has been wiped oat.

Risky

Why were the banks ever
persuaded to finance such an
enterprise in what is, on any
analysis, an extra odinarily risky
industry? It is not as though
there were no precedents for
collapse: the 1974 failure of
Court Line ought to have been
fresh in the bankers' memories.

Plainly, part of the explana-
tion must lie in the sheer per-
suasiveness and strength of
personality of Sir Freddie him-
self. But the key factor is the
mushroom growth of inter-
national banking, fuelled by
OPEC deposits, and leading to
an intensive search for new
lending opportunities. Aircraft
are large and expensive, and
gobble up capital. But sucfa has
been the need, of lending execu-
tives to arrange credits that size
has involved no disadvantages.

A further factor has been the
attitude of Governments in
countries like the US., France
and Britain. There is much
prestige attached to successful
aircraft industries, not to men-
tion jobs. Bankers have there-
fore often been under political
pressure to support aircraft and
aero-engine sales, and indeed
subsidies are often available.

While the more technolo-
gically advanced countries have
been promoting aircraft sales, a
similar phenomenon has been
seen in the activities of many
less developed countries in the
shipbuilding industry. Ships
are also large earners of foreign
exchange and the construction
of them generates much employ-
ment.

Shipbuilding projects are
eminently suitable for develop-
ment as large-scale state-funded
schemes. Imagine how much
more difficult it is for govern-
ments to develop, say, toymak-
ing or comnuter software indus-
tries which require a huge

amount of small-scale technical
knowledge, marketing expertise
and business flair.

The result is the shipbuilding
industry has been the glut of
shipping which led to financial
crisis back in 1974 and which
in many sectors has never been
properly corrected. The air-
craft industry’s mid-70s crisis
was a little less severe, but the
danger signs more recently
have been building up
ominously and the manufac-
turers’ once imposing order
books have shrunk to an alarm-
ing extent Lockheed’s TriStar
project, for example, has been
abandoned and this week Lucas
Industries announced 1,050 re-
dundancies in its aerospace
components division.

While the going was still
good in the late 1970s the entre-
preneur who could insert him-
self between the growth-minded :
politicians and the eager ban-
kers was powerfully placed.
Without substantia] manage-
ment or markets Sir Freddie'
was able to order aircraft on a
scale which ought to have
prompted at least some of his
backers to wonder where he
coaid possibly win the passen-
gers from and what would hap-
pen to the rest of the airline in-
dustry if he did.

Of course, the banks were not
just relying on the viability of
Laker Airways. They were
lending on marketable assets —
aircraft — which in reasonable
conditions would provide ade-
quate security for the loans.
But so deep is the current world
recession that even the airline
industry has stopped growing.
The banks have found out the
hard way that their backing of
Laker was much more in the
nature of an equity investment
than they realised.

££T SAID to myself— Laker,
I you are an innovator.

A You have innovated the
airline business. Now you must
innovate the banking b usin ess.”

With these words last August
Sir Freddie Taker started fight-
ing the battle of his Mfe. After
more than 40 years in the busi-
ness, the man who brought
cheaper air fares to thousands
of travellers was threatened
with problems even he could not
surmount

The battle Went on for more
than five months until yesterday,
when, in the small hours of the
morning, Sir Freddie gave up.

When the Receiver was
appointed yesterday by Clydes-
dale Bank, the Midland sub-
sidiary which is Laker’s main
bank, the airline had £220m of
long-term dollar debt plus a
£9m Clydesdale overdraft. Lia-
bilities outstripped Laker’s total
assets by more than £20m.

But the end of Laker Airways
was not brought about merely
by its enormous borrowings and
chronic undercapitalisation. Toe
airline was afflicted by a number
of factors, ranging from gather-
ing alarm on the part of the
travelling pubHc to what one
banker described yesterday as
"mismanagement of the busi-
ness.”

Hulks

Rows of gaily-coloured DC-10
jetliners will now stand empty
on some distant airfield, just
as lines of rusting supertankers
float in Norwegian fjords and.
indeed, the silent hulks of half-
finished chemical plants are
dotted about Poland. All of
them are testimony to the
failure of the international
banking system to link up 1
capital with consumers and to i
match money with management. ■
As an innovator in art indus-
try characterised by. govern-
ment controls and price-fixing
cartels. Sir Freddie Laker
brought trans-Atlantic air travel
to a new public. He became
probably the best-known British
businessman overseas; his
buccaneering spirit won
thousands of admirers. But
like other buccaneers he took
enormous risks. His mistake
was probably to seek to grow to
such a size that the major air-
lines were bound to hit back
bard. A man who sought to
exploit the capital markets on
such a huge scale has to accept
the verdict of those markets.
But it would be a tragedy if
the spirit of innovation and the
more competitive environment
which Laker helped to create
v/ere to disappear along with
his cor’-xL-y.

Hie ebullient Freddie Laker
I has always been a salesman,
and a self -publicist As plain
Freddie, e began his working
life at Short Brothers’ flying-
boat works at Rochester in
1938, sweeping the factory floor.
During World War Two, he
served in the Air Transport
Auxiliary, learning to fly and
becoming a flight engineer.
After the war, he worked for
a time for British European
Airways, and then for London
Aero Motor Services, but prim-
arily he worked for himself do-
ing virtually anything that pro-
mised a profit

He gambled on fruit in a
cherry orchard while it was still
in blossom picking it himself
and selling it; he sold seedlings
from the back of a van; and be
bought spare aircraft radio
equipment He did so well that
he decided to carve out a career
on his own, setting up Aviation
Traders in 1947 on his own
limited cash and a loan from
a friend of £38,000.

His first big breakthrough
came with the Berlin Air Lift
in 1948. when firing Halifax
aircraft (bought surplus from
British Overseas Airweys Cor-
poration) he unde 2.R77 round-
trips and carried 11.6 per cent
of everything that went into
Berlin.

In 1951 he set up has first air-
line, Air Charter, and then in
1953 the Channel Air Bridge,
flying cars across to tile Conti-
nent from Southend.

In the great re-organisation
of UK civil air transport in the

Ttrry Kirk

In happier times: Freddie Tafcw with the first DC-10 Skytran in 1377

Fredair) in I960, with £211*500
of his own money.

At the start, he worked
quietly and steadily, building
up Laker Airways In the holi-
day charter market buying his
own fleet of One-Elevens and
steadily expanding it It was
the heyday of post-war expan-
sion in world air travel and
Laker prospered.

November when they cut theflr parent — the Midland— if it had verein.

own Atlantic fares to match his.

objection

Clydesdale

'Tbue . rescheduling concept

By that time Sir Freddie’s Providing a £5.2m bond for fell apart” says Mdlntosh. The: representklves began tofce

troubles were already making
headlines. In the summer he
had disclosed that the dollar-
sterling exchange rate had
wreaked havoc with has 1981-82
budget The problem, he said,
was that on the advice of his
bankers he had planned for

Laker travel companies.

German and Austrian 7 banks.rev

bond, much larger than the fused to re-schedule because ;

previous one, -was approved. they reckoned that by calling
But Laker's cash flow difficul- 111 die receiver last November
ties continued to mount they would get zn

Laker’s account was still in money bade throng
credit in the autumn, but aircraft' than would
Clydesdale was soon providing a yesu' later.

Laker with a steadily increasing ‘ They decided
overdraft The decision to scheduling was a w
approve the rising overdraft because the coznpax

they would get more of their

Freddie Laker began to "repayment of Ms huge dollar
dream of greater things— the borrowings at a rate of $2.25

notion of the transatlantic to the pound. He wanted his
Skytrain was born at that time, debts rescheduled.

le&ff • i ehthiisiastSc - about the
rescue package; 'perhaps, be-
cause^. other- a&rtsne c us tomers

might fiaye \\ bbjecterf- to

" special **. treatment- for .one of

money bade through the sale of 7 Their competitors.

aircraft' than would be the case

. The winter snowstorms ' and
current ' - British^ . Bail -.' strike
began 7. bindwing . business.

but even he did not expect that What Sir Freddie did not say iff.,

it urnnlrl 4 -oL-n him tan nnOTC rtf mm. .1 . • ItVPL

the higher bond was taken by to 8° down anyway,” remem-
the Midland Hank at board hers McIntosh.

scheduling was .a waste of time vLaker’s commercial cKsfiters

because the company was going -ti .notibdihg.bB

to go down anyway,” remem- <WTnp fafna'ng «f non.

it would take him ten years of was that his airline, a private

battering at governments and
tb'e air transport establishment
before he could implement his
plans. It was only -after a bitter
battle, culminating in a legal
action against the UK Govern-
ment in the High Court which
he won, that he was able to
launch Skytrain at cut-rate fares
to New York in September 1977.
The following year he received
a knighthood. '

company in which he held a 90
per cent stake, had borrowed

At the same time, in early
October, Midland and the Bank
of England decided jointly that

so much money to purchase air-

it. — - Laxer would require some

2* «!? sstsksf!: Spert assess

sented seven times the value of
its equity base.

The debt came from three
sources: Laker had taken out a
$228m nine-year loan in 1980

The next big plan ' was to
bring in a “partner”— some-
one who would, inject sorely
needed cash and help stabilise
the floundering airline.' . The:
need became more urgent in
November as load factors

from a group of North Amerl- cha^bank wS iTwhottv

owned by Midland, was asted

kcse? TwusrsauS

Since then North Atlantic air craft The loan was led by Ex-

travel — and, indeed, all air
travel — has never been quite the
same. Skytrain expanded —

le Midland Bank at board oers McIntosh. . ,ipfla«aentl: "Travel : .agets» began

veL The next big plan was to ifo - :■ Laker - deposits

At the same time, in early bring in a “ partner”-- some- ■;?* fta/T- TueaSdasi Sir

ctober, Midland and the Bank one who would , inject sorely • Fre^ar took .hi? bankers eom-
' England decided jointly that needed cash and help stabilise . ■ pfeteayT by-'-s iapnse utoen ‘he
iker would require' some the floundering airline.'. The jtmouqteS. the ■ public ^tiiat

pert financial advice in order nee d became more urgent id *his troubles were over: "! am
secure debt rescheduling and November as load factors flying big&° he declared. : adm-
issible restructuring of the cropped dramatically below k ^ V

rline’s troubled- balance Laker forerasts. 7 • ' - *• On Wednesday: the Civil

S®*- Aviation At rthm ily, having seen

Samuel Montagu, the mer- we^ehad three or floor times ; toe dreadful late January trad-
ant bank which is wholly when ^ If looked totally: Weak W figuras, contacted Midland
med by Midland, was asked that was one. of them,’? Bank to 1 express ks coneem.
advise Laker. Ian McIntosh, sigs McIntosh- ' : ~ .7 MdtonneH representa-

managmg director.- of By early December, Montagu, Ses. inLmidbntoflnSisethe
mtegu, was the man who took Ijfie^and -'th a?

to seenre debt rescheduling and November as load
possible restructuring of the dropped dramatically
airline’s troubled- balance Laker forecasts. 7
sheet This strategy failed

port-town Bq*. the U.S: Gov-

-aumtasu, was me man who took , w - in^. wmsii ; wn:. :I«* hI at- «w* fitmms

er^nfrtecM bank and jn- cm the Laker brief and spent

same Skyuraan expanoea — eluded ^ worth of debt the next few mo^sT^v
from New York to Los Angeles, guaranteed by McDonnell SShf^ELSSL %*Er$L!£L

Miami and Tampa. The flea of
DC-10 jets grew to IX, and to
meet mis expansion ha European
holiday travel markets Laker

Douglas and $10m guaranteed

night, immersed in the struggle." senior official -tx
“ At the start it was really a duslrial finance.

ad Walker, the Bank of

Mto.oacUl-te-chWSevrflii. :

ky General Electric of the U.S. matter of somebody haring a - With the Bank of' England • : ^ ar . ^ ia D ^.-

The second major syndicate, bo.’* says McIntosh. He went nDW lonWnff n« "mvi*, McDonnell

The second major syndicate,
led by Midland Bank Inter-

locking

McIntosh

was -offering as

invested in the first of what national, included 13 banks. All

was intended to be a fleet of 10
A-300 Airbuses. Laker even

to work on the debt rescheduling approached McDonnell Douglas
as his first priority because he and General Electric, the maker ,

of ite ?131m of loans was ear- felt there was an urgent need of DG-lO engines.

Iate-1950s. he sold his airline train.

dreamed of a globe-girdling Sky- from Airbus Industrie.

marked for three A-300 airbuses for stability. “ The greater the We : approeriied- thein and

activities to Airwork, which put
them together in a big new con-
sortium, British United Air-
ways. under tile chairmanship of
Sir Myles Wyatt, with Laker as
m anag ing director. Freddie,
now 35, was already a miHion.-

But the recession was begin-
ning to bite with a devastating

effect on other airlines. Pan Tokyo

European consortium.

The third loan syndicate was
a group led by the Bank of

publicity, the more people got sald^Look boys, you are .down

a. loan: .-Sbnply-In order to get
thr ough the period to March 31,
fee ririine would have needed
Up to £10m in ; cash.

- Midland" stepped in and told

nervous about Laker bookings,”- the' canyon- $5fim. Wouldn't it- Clydesdale ' It coidd not extend

A rflVH 1 Ku-k ' 4 tm. VattB * 1 . 4 . J ’ *# Vl A AJftti wTi * 1 fH * .tuHBIVMfl ’£Am

American was almost brought
to its knees last year and
British Airways would have
gone under without huge injec-

aire, with a 75-acre stud farm tions of taxpayers’ money,
at his home near Epsom, but Traffic became tougher to get

he was stiH a "workaholic."

He left British United after
a disagreement with Sir Myles

as old rivals dn the airline
business stepped up their own
fight against him. The most

Wyatt to set op his own opera- damaging anti-Laker move was

tion, '”lled L*>ker Airways
(affeciiom^ly known as

by British Airways, Pan
American and Trans World last

By early September, Sir
Freddie's public call for debt
rescheduling had stimulated a
series of bank syndicate meet-
ings. The Civil Aviation Auth-
ority, mindful of its duty to
monitor the finances of British
airlines, had expressed its con-
cern to Laker’s bankers.

In early October, as talks

he says. be better to 'help the.: situation ’the overdraft -beyond £9m.

In the end this factor be- out ancl hope the thing can be . fives, in London: to finalfee the
came crucial as travel agents put right V .... ' Thursday saw a day-long meet-

and the public delayed pur- A series intensive meet- hig at Midland’s group head-
chases of' Laker tickets ^cl iugs brought -together . MbDon- Quarters in the City. SirFreddie
payments on package holidays. ndH, ' . fte bankers.- British was present and was shown the

By November 4, Montagu Aerospace, .which has a 20 per projections. " ~ .

felt confident enough to call cent stake in - Airbus. Industrie ' By yesterday .morning, after
a meeting of all the banks with and the Bank of England. • laker board" -meeting which

Laker debt outstanding. Every- Airbus Industrie, say bankers •■••started at three to the morning,
one agreed to reschedule Laker in the Midland syndicate, has it was all-over. Laker issued a
, 1 «?f, ept £or three banks ' m lieea Intransigent from the dry statement atotonncnig the
the Midland syndicate— Dr esd- start The aircraft maker, which appointment of a Receiver.

overdraft "-beyond

debt except for three banks in
the Midland syndicate — Dresd-

rantinuH among the bankers, ner Bank, Bayerische Vereins- promised to pay the Midland - ^The batffle was over and^ Sir
the aydesdale Bank asked its bank and Creditanstalt Bank- syndicate the first 25 per cent Freddie had lost '**“ ./

Letters to the Editor

Local authority pay

From Mr Peter Young
Sir, — The salaries of highest
paid directors are fascinating,
whether one is a shareholder in
tiie organisation or not. Un-
fortunately similar exact infor-
mation on local authority chief
executives is not necessarily
available to ratepayers, who in
a sense are compulsory share-
holders. Without going to
court for an interpretation of
the relevant section— 159 (1) —
of the Local Government Act
1972. the most one is entitled
to know is the minimum stan-
dard salary bands. Why should
a lower standard of disclosure
apply to the use of public
Binds?

Peter Young.

21, Keble Close,

Pound H (D,

Crawley, Sussex.

. that most senrible post World the effects and the sheer cost of monetarist recantation of even two or three years hence which if proposed legislation

War 1 campaign to take profits the CAP to this nation it is Professor Sargent with interest not only the level of Inflation passes without a hitch should

out of war? This would be a quite extraordinary that the (and, because of the inordin- but more particularly ite direc- be permitted by the summer of

splendid, not to say vital, pro- Ministry has to rely on the finan- alely long sentences, with some tion is very much an unknown this year. This financial stra-

ject to reactivate, especially as cially hard pressed SSRC to difficulty). quantity. The actual real return * tegy has. of course been

I understand that there is no finance research and policy The core of Sargent’s argu- to be received on a conventional available to comuanies'ln the

Act before March 9th Budget

1

■r -«f wtosspn'theirloans.wonij

, not lift , a finger beywid Its
"contractnal obligations. ..

. . v ' The- negotiators finally agreed
: in principle to e survival . pack-
.’ nge-for Laker jnst a : ^few. flays
'- before Cteistmas. -T^ -package
. called for £5m of ^tew money
frtHn. .McDMmell, -tfie -Coiner,
jftm-. of McDonnell and. General
!- Sflectric" < guaranteed : debt
' ($56m) into preference share-
hoiangs in XakerV the re-schf-
duling at the aixiine*8: debt and
'•tiie sale of the' three airbuses.

It was an cohditipnaV.bat the
' ; agreement; seemed to. be nearly
' v . complete, ' . ' Montagu "Issued a
.statement' sayin g tii at ; agree-
ment would . be arrived at. and
,. r McIntosh went ■home ; “ quite
pleased? at CSuistinas. -
• : IT-way % real package,: says
McIntosh., ...“The : Bank :of.
. England doesn’t attach its name
. .unless they are bappy rfboot it’ 1
.. "The .key ooncditioFd. . in ' fte
- agreement came from McDtm-
' nelT ratid' -stipulated that there
: be no material: dderinration in
^ the airitoe T s trading:. Bdt this
. ; is precisely "what happened. -
• By the toldtHe of f last awnth'
trakting bed gone weh and truly
'-.roicr.^Fliglits; were,® 1 * 1 backias
■the. sdrHney ■ casiL flow
appeared Clydesdale,- ;whkh
had increased Laker's owhdm fl
. :■ ^to £9mi waff how paytoestiteies
and itetrpl -.costsL 'Against an
eaiHfeT forecast- that 55 percent

Laker, seats worald_.be ffiled.

" barrfy j4d , per cent write . pur-.
/chasbd. - --T ' s.

T . • & % the srime thne McDoam^’s

fe’f.V.'

jisrW

s»'s still

far' mote than.; the ffoL in- new II

_ . " ' ^ — ”1“ , ™ year, ims n nan n a i stra-

quantity. The actual real return tegy has. of course been
to be received on e conventional available to companies' to the

weapons profiteering in the analysis on agricultural and ment seems to be that govern- 30-year gilt over its full term u.S., but. up until now has

countries of our Eastern bloc food issues. meat’s deficit financing, when is therefore largely unpredict- bee n strictly prohibited in the

neighbours. greater part of Ministry interest rates are positive, will f. ble ' and tD use two-year projec- UK.

Of course arms control and finance “research” is bland produce greater future deficits. toons as an indication of 30 Certainly, one justification of
«««{KTo- C ?SI«« 1 fJ Sa i!? iarQent and non-con troversial and of The expectation of such will y ® ars v fJY volatile reality is Oiis policy, from the company's

are possible; ind_eed they are doU btful value that is other make investors inereasinvlv sheer folly. anvle ris that it .mu JLJj,

it tc doubtful value til at is other make investors increasingly

than showing a “research reluctant to purchase govern-
“ a * ““ST “ presence.” The Farm Menege- mem bends. ““

one who remains alive,, no ^ n 7c n "
matter their former power. a

S La— a angle< ds rhat jt ^ improve

The debate about indexed its capital gearing, but essen-

tisUy_wha, g womI' happen te

P. Canuner.

59, Sulgnwe Gardens, W6

1 " J.V, i* ■ _}. T _ . . . V "«ev "UUIU uoyucu IS

ment Survey, a pre-CAP tedious If however, government debt nonunai that the value of the company

arittenetlcal exercise, was were financed solely by index would be reduced, while the

designed to give an objectivity linked bonds (even with a small majority of the shareholders

CAP humbug abound with the s

From Mr John Cathie. formula— only the na

Sir, — Mr Capstick, Director of commodities change.

wjvvutivj M^uuo \vftu wiui a DUiaii fa-rrnc it anArmAiicTw trnlofiJa - ' "V vi me ou<u ojUXUub

to the annual price review, long premium), the situation would remain absolutely unaware of

since gone. Commodity studies appear quite different, as their verse is truelf in flatten w ? 1 ? t on earth was goto? orr. By

i n, i verse is irue. u m nan on were mvino «nt ^

abound with the same tired effect on future deficits will be
formula— only the names of the neutral.

w UUV. IX UlUdJSUU were eivinv «nt I mi,, , J. ”

^ e r ite share certificates, toe

Wfto fixed interest bonds in- ZttEFw ^"bT^aid

iti nn +« Hwexea stock wo mo oe repaid runninv rinin iu, *****

Economics and Statistics of the In addition to the neglect of flation works to ths govern- fo r jpgs *5 i* S 111 " 1 ”® 1 ? own lts OWn assets.

Ministry of Agriculture, analysis on ou r position within meats* advantage by reducing terms' if inflation averaged 20 be ^ ause , of , tide very

Fisheries and Food writes on toe CAP the Ministry has vir- toe real burden of redemption. nor Lnt legislation was

Nuclear disarmament

Fisheries and Food writes on toe CAP the Ministry has vir- toe real burden of redemption, per cent the amount repaid 1 J®?** 1 ®? 011 was

January 28 that the Ministry of tually ignored the sponsorship With index linking the penal- would be over £200. Either of SSEE^J? provWe

Agriculture, Fineries and Food of agricultural and food policy ties for improvident government these outcomes is certainly quite prot f cti011 ’

41 is intensely Interested in all issues of importance to toe pohrieg leading to high infla- possible. The essential point is ^

From Mrs P. Cartmer
Sir, — With reference to one of
the letters in your January 28
issue: I entirely agree with
most of Margot Miller’s reason-
able remarks on the nuclear
arms race. During the past year
toe number of people wholly
committed to reversing this
grisly behaviour has greatly in-
creased. In my estimation, how-
ever, some of the real power
holders from across the Atlantic
and their allies elsewhere are
just as committed to toe use of
suicidal nuclear weapons, mis-
called defence, as their counter-
parts in toe past were to their
puny dubs or poison darts!

“Incoherent” and “hysteri-
cal ” seem, in my experience, to
be far more applicable to
modem power holders’ more
addled adherents titan to. us
anti-nuke campaigners. Will
you too make a substantial
effort in toe FT to help obtain
continental-wide nuclear dis-
armament, starting perhaps
with pitiful, nuclear-stuffed
Britain? ' This surely would
demonstrate, if not freedom and
idealism, then at least some
press decency [dignity?] and
commonseose.

And whatever happened to

15 limsuaeij 111 urrea lcix m <ui ^ — r ^ ™ ms j- U , 6U uni a- possible. IflC OSSenuai pOlIH IS South j

aspects of the Common Agricul- country, such as: agricultural tion would be so severe as to that in real terms toe redemp- othor ^if ub3> e ^"kpse and
tural Policy including toe econo- trade issues, the growth of strongly inhibit irresponsibility, tion value will be precisely £1, at«i st —

mic consequences for the agribusiness, farming and toe In the latter case, toe regardless of toe rate of infla- toom s be811 ^27^3

. ,, mu,. = * * :> iweiiitanf « j, , :vj_ , ixonj u.o. sonrees e.g. am, article

tax advantage In repurchase for

interest MAFF has not financed policy problems and issues Ccmtrarily, index linked fund- large positive or negative real in a * ijl 111

much academic vrork on the germane to this country. tog would be more difficult in returns. The essential point in frQm th

CAP or related issues. Indeed, It goes without saying that this situation, but sale bv tender such examples would be that it u el

in his letter Mr Capstick takes MAFF has no need to feel mieht solve this. the dividends and redemption cb arebol tier* ?!

credit for Social Sciences embarrassed at academic criti- William Forsythe. proceeds would be precisely wou]d ” thattii era « 7

Research Councti financing! cism. However I must query 17. Amslto Bond. fixed amounts in nonmwl terms, tax advan^ in remirphac.r^

It is notable over the last ten his statement that the Depart- Girvan, Ayrshire. regardless of Inflation. Eome sh ^g ,, p . se “r

>ears that the leading academic meet’s intense interest in all The two loads of stock are as alI

organ of agricultural economists aspects of toe Common Agricul- JnAavprf etnoh ahke - * hee *5 !? d It is- possible for comoames

in this country, toe Journal of tural Policy “has involved the numencal compansons of the ifl tfae

Agricultural Economics, has encouragement of studies in toe Pr °™ M I. W - . G - Wherity attempted are as memwr®- through, for example

^v«y little to say on toe Universities," In Cambridge,

Common Agricultural Policy, for examole, MAFF-snoTisoTPd once ^ares. This does not mean thM

This has considerable signifi- research on aericuhural- issues S,5^?rf d JfL ni ? ortunate te pSLSs ^ ?* Shareholder’s

Tirhon ««« Tooiicot «, D is vrhrfik* T^Tii^rv- comparison of short term ore- ». unwrapped. Perhaps if reduced.

aKke as chalk and cheese, and Tt _

in the ‘ro w reteeT.tr

tainly not all.

kind attempted are as meaning- ESf , J5» T 2Sl r

fUl as comparing toe.fuU length 252 Lr

jainism on on long dated gilts in order to equities”...?

nues and on related academic fnr Ministry encourage- pn7i te a measure of W. a Wherity.

jobs In this coontiy. IM S not ^ it. return. Your editorial of 22 O^rry Hill,

at an unreasonable to arrive at • January 23 argued that because Howards Heath, Sussex.

toe concinsfinn that MAFF has Ecjvnoraira Unit mcb - 0Tje _ and two-year - S f

pany*s assets. All shareholders
should be as well off after the
reduction of the number of
shares as before.

I believe that toe status quo

cultural economic research how Cnvprnnufnt Aoht indexed stock wa

else can one explain the dearth Government’s point •

of studies on the Agricultural From Mr WUUam Forsythe. less expensive oblig;
situation in the EEC! Sir,— I read Anatole Kaletsky’s a conventional stock..

Considering the importance of article - (January 27) on the It is, however, app

irrx “ 1S6ue - air,— i remain sngnuy_per- 01 a company's assets and the ■
toe indexed stock was from toe pierced, not to say duteous, blindfolding of its shared ■
Governments point of view a concerning the case put for- holders,
less expensive obligation than ward by those in favour of Douglas H, Molyneux.
a conventional stock.. allowing British companies to 9, ChcrrrtinghaU Terrace, .

It J8, however, apparent that purchase their own shares, Hamilton, Strathclyde.

13

t

t

F^aac^ Tim^ Saturday February 6 1982

PERSONAL CAR IMPORTS

British pay ‘more’ for their cars

■ sSl
: ^

By Kenneth Gooding, Motor Industry Correspondent

■- 6

^>1

• is ■-

-<a
: .. "■Saw

Cf A ?c
^ {

. il

: ;s ' •£? v

- .. 4 1

=■7-^

K= "V ^

as n

O'*-’ e>-

■ ***

. “stes*

: i T3Sr

; |

:;J -i Cf
_ • S51V" *’

•'•=57®;.. :

.7 ^ V,

--'•Taft i?3':

7’i*» /-.€-•

a?-

■ :==*s
' r.-r?s
'Jzs£

.::.!S2=

' " -21
xt-t: s-

Car ytanufactjirttrs are «dl
rery. ttnseTUpntat^CinerehaiUs,
excellent- at ' fipptoflF- . #(f <ke
‘ British public wttff i&rr sold' at

■ excessive price* ta. "the OK and
■at nearer " true value on the
Continent L; Banded. and spare

: parts are also d ctmiplete rip

■ .- "•••■ '■' >••: *-?*■■: .. ■■••
-"Himdregs.- -flf .MiUiOtt* o/

jKhtnd# Have been mode avail.
«6te by: thd' Treasury to keep
■\ BL wid i£s .euppGers.in business.
> That business appears largely
‘reliant for. . its^vlabiiity on m-

- jlaied . costs Jor new . cars -which
chdrad&rises the . UK market

■■ The UR- tet jpaper to twice
■^et^—ihe first time without
-choice ^pvnugh the Treasury
grttHte - and. the - second time
-when He buys a new car. Can
there be other situations where
•Oue public „are paying someone
torob them?

THESE COMMENTS, chosen at

- random from the many letters
S'l have received on the subject,

sliow just how angry some
i-people have become about the
.large difference in prices for

- neW cars in Britain and on the
"Continent.

' : -'--Ur- Michael Herbert bought a
/Mercedes in Germany for about
'two-thirds of the tax-free
British- price. He had nodiffi-
cuhy bnnging the car through
Customs , at Dover where he
handed "'over the UK tax and
.special car duty.

But when he tried to get the
^car' licensed by the Department
of . Transport, Sir Herbert ran
into the main, obstacle to unoffi-
cial car imports of the type he
. was attempting: Jhe needed, a
“ type approval " number. .

.. . in crude terms type approval
requirements- ensure that cer-
tain standards of design, con-
struction and . environmental
protection hive been met by the
.manufacturer.

. '1 It costs the cat makers or

their UK importers consider-
able sums to pat every model
range they sen in Britain
through these tests.

■ The manufacturer or djstrj-
buior then guarantees that each
one of the cars it sells is the
same as the example which
passed the type approval test
by giving each and every car a
so-called sub- MAC number.

• So before setting off to im-
port your own new car it is
essential to make sure you can
.get a sub-MAC number for it

And this is just what Mr
Clive Stockley tried to do. He
thought he would save his
company money by buying a
new Ford Granada in Germany,
saving around £1,500 on the.
UK price.

“T spent weeks trying to find
someone at Ford who would
help me (obtain a type approval
number).- I must have spoken
to 20 people and eventually
ended up with the man Td first
spoken too. 1 just gave up.”

But you cannot eliminate the
entrepreneurial spirit and a
way round the type -approval
problem was found. The regula-
tions allow people who have
been- living or working overseas
to bring their own cars back
with them to Britain and license
them without having to give a
type approval number. *

This regulation was designed
for servicemen and business-
men bat does not specify how
long the car has to be owned
before it can be brought into
Britain.

'-' All ..that is necessary, it
seems, .is to drive a car from
\a Belgian showroom to the coast
for it to qualify.

This loophole has -its draw-
backs. First it means that local
VAT has to be paid on the car.
But sneh is the price difference

HOW CAR PRICES COMPARE - NET OF TAX

a &

m. ^ _

IS

In European Units of Account*

Make and Model

DK

LUX

B

H L

W G

F

IRL

UK

AJfasud Super 13S0

3,411

4,915

4357

4357

4394

5367

5377

6394

BMW 320

5,240

7309

7,122

6,973

7329

8316

8315

10.130

Chn»en GSA Club

4,642

4,605

4,404

4373

5343

5,125

6320

Rat 132 2000

3,785

5,714

5,703

5349

5339

53*7

7,491

8,199

Ford Escort U L

3,455

4.136

4366

4.155

4359

4,671

6364

Ford Granada L3 GL

7,070

7354

7,465

7,495

8332

8,925

13,011

Honda Prelude

5,192

5327

5,471

5343

6,190

6,017

8321

jaguar XJ6 4*2 Auto

16388

14,989

164)77

15,154

17.124

17,785

20393

24388

Mini Metro HLE

3366

3315

4,089

4,190

4353

5363

Peugeot 305 GIS

3,168

4348

4378

4377

4377

5374

6363

Renault 5 GTL

3.933

3333

3,869

4,079

4337

4359

5310

Rover 3500

.9.117

10,791

10.770

11,619

12303

19,785

VW Golf IS GLS Auto

4395

5313

5,032

5308

5332

5,652

5,902

7303

• Currency amount tor ona EDA: Danish krone 7.94; Luxembourg franc 41 .36; Belgian franc 41.38; Dutch guilder 2.81;
German marie 2-&3; French franc 6.05; Irish pound 0.G9. pound starling 054.

Source- BEUC turuey ot June 7987

What the
market
will bear

to some markets — like Belgium
— that it is worth paying the
local VAT, then UK duty and
tax on top.

Second, the car has to be
owned by a person, not a com-
pany. And the majority of
people who drive high-priced
cars in Britain have bought
them with company money and
registered them in the name of
a corporation.

Informed estimates suggest
that personal car imports shot
up from a tew thousand to
around 40,000 in 1980 and last
year went ahead again to
around 50,000 or about 3* per
cent of all new British car sales.

The Department of Transport
became concerned about the
relatively large numbers of cars

coming into Britain without
having to prove they conformed
to UK-fype approval and safely
standards.

And this week Mr David
Howell, the Transport Secretary,
after consultation wilh other
Departments and the Prime
Minister herself, outlined the

Government’s proposed solution.

The industry is to be per-
suaded to give type approval
numbers more readily in the
future.

" Onto that information is
generally available, it will be
more convenient for purchasers
to register individually im-
ported cars in the normal way
; — that is, showing compliance
with type approval — leaving the
personal import exemption to

people genuinely making a
change of residence, for whom
it was provided,” said Mr
HowelL

The question is: will this
make any practical difference?

Potential purchasers of right-
hand-drive, British-specification
cars on the Continent increas-
ingly found they would have to
wait many months for delivery'.
In the meantime they were
required to put up large
deposits-

Car companies seem to lake
the view that if they accept
an order they are complying
with the EEC competition laws.
.Nothing in the laws says they
have -to deliver quickly it
seems.

INSULATED by the Channel.
British car manufacturers set
the pace with comparatively
high car prices in the 1960s
and ■ 1970s. When Importers
began to build np their pre-
sence they followed the. local
lead.

It is good business to charge
what the market will bear and
Britain apparently unit bear
more than most, probably
because so many new cars in
the UK are bought by com-
panies rather than by private
individuals.

Even so. the differential
between the UK and other
Continental countries was not
all that large until the end
of the 1970s when sterling
became a petro-curreocy and
stopped reflecting Britain's
inflation rate and loss Of
competitiveness.

As Mr Ernie Thompson,
Ford of Britain's director of
marketing, points out: “Since
June 1978 inflation in Britain
has increased by 30 per eent
compared with 12 per cent in
Germany yet the pound has
appreciated against the
Deutsche Marie by around 10
per cent”

BL’s chairman. Sir Michael
Edward es, estimates that
between August 1978 and
Aagust last year the loss of
competitiveness was over 50
per cent against West Ger-
many, 35 per cent against
France and 25 per cent
against Italy.

Car. prices in Britain In

2979 and 2980 mainly went up
in line with inflation.

As the big gap between
British and Continental
prices became common know-
ledge. however, pressure has
been building up for a quick
reduction in the UK.

But the UK motor industry
has been telling the Govern-
ment in no uncertain terms
that it is uncompetitive, that
any sudden cut in prices
would effectively wipe out
not only the British ear manu-
facturing business but also
the component sector and tts
annual exports of £2bn.

Mr Thompson provided a
practical Illustration, taking
as his example Ford’s Ger-
man-built Granada. “If we
priced the Granada models
the same as in Germans’ we
would end ap with a Granada
which was cheaper than a
British-built (smaller) Cor-
tina. We would do a bomb
on the Granada if we charged
German prices, but then we
would not sell any Cortinas —
and where would that leave
our Dagenham plant where
the Cortina is produced?

“We can’t do anything
about the value of the pound
or Inflation. The only thing
we can do is raise produc-
tivity and spread our costs
over a larger . volume base.
But we can’t do it overnight.”
Of coarse, it is also tree that
this makes importing highly
profitable.

While the British Govern-
ment appears to have
accepted the industry's argu-
ments. the European Com-
mission seems to be in more
of a hurry. For the pricing
problem is one that affects all
the European markets, not
just the UK- A report pre-
pared for the European eon-

somens* organisation, the
Bureau Europeen dcs Union
de Consommaleurs (BEUC),
pointed out that prices be-
fore tax in Denmark are 20
per cent less than in Belgium,
27 per cent less than in Ger-
many, 30 per cent less than in
Franee and, as far as BEUC
could judge, 32 per cent less
than in Italy. The UK was
branded ** the most expensive
country in the EEC " with
pre-tax prices 90 per cent
higher Qian those in Den-
mark.

Now the European Com-
mission has produced a draft
regulation which would
attempt to limit the difference
in before - tax prices to no
more than 12 per cent between
the least and most expensive
EEC markets.

The industry still has to be
presented with the formal
proposals hut already is gear-
ing itself up for a battle.

But BL. for one, seems to
he accepting the inevitable.
Sir Michael Ed ward cs told a
Parliamentary Committee two
weeks ago that his group had!
revised its estimates about the
priees it would be able to
charge. And this was one of
the main reasons that BL’s
predicted profits for the 1982-
1985 period were now £300m
lower than forecast at this
time last year.

Sir Michael admitted BL
“ must get closer to Conti-
nental prices — w* must pad-
dle upstream against the UK
rate or inflation.” He pointed
out. though, that many car
manufacturers were making
heavy losses on their Conti-
nental sales because prices
there were too low. “We ex-
pect prices on the Continent
to rise and help close the gap
wilh those In the UK.”

.. pr fj

. ^’ajiss 1

Weekend

Brief

There’s still
gold in

'Freddie Laker fought ;
his ia Xondon^to

l&dflme aRve. it has
rally' impossible to

in the XJS. vrith-

i- something for free.

_ next week, . should
-_y T .3me to ; fly non-stop
Wtween&attle, the city where
Boejbg jets are made in^ Wash-
ington State way up in the .
-north west, to Anchorage, in
.Alaska^ you. wW get a. lump of
solid Lgold . — 1 compliments of
^Alaska. Airlines.

This new Alaskan gold rush.-
is fhe • latest twist in the
increasingly . extrayagent fares
war .between UB. airlines'
which Are now. -flying in skies
.jnd with the blood of their
. losses and an unprecedented
slug-o ut to- pinch, each -others ■
passengers; -

‘ Mr John, Kelly of Air Alaska
says:- "Every passenger ■ who
flies with a;fiill fare coatfi or
first- class Ticket “will receive a
24 carat-goId ingot when flying
either - direction
between Seattie and Anchorage.

' And thereJr is ^jdo .limit t» the.
number bf' ingots a passenger
\Wll received during the special
gold, offer starting- on Monday
unti£March 7. >- - ; . .

; - ;Tbe Alaska Airlines’ gold
'offer.' also shoes' how pressed
airlines are to come up with

The bribes U.S. airlines use to fill empty seats . . .
What it’s like to be an editor in South Africa . . .
A guide to avalanches

1 1 didn’t want to fly to Anchorage — I’m only here for die Green
Shield Scamps ”

new goodies for their pass-
engers. Discount, free tickets
if you fly n»re than a certain
number of miles on any one
Carrier, Pan American’s one-
for-two offer whereby you get
one free tlcket-if you buy a
ticket to fly around *he world
or in some .exotic far away spot,
have already become stale.

Until the latest Alaskan Air-
line promotion — incidentally
the lumps of gold have a retail
value of $75 each — Air Florida
has been the unquestioned
leader in original offers. It is

currently giving passengers
what it calls “an exclusive
bonus *’ — Green Shield Stamps.

Each time you fly Air Florida
you get a handful of 400 Sperry
and Hutchinson green stamps
and on certain flights you get
a special certificate worth 1,200
S and H stamps. The upstart
airline, whose former chairman,
Edward Acker, is now trying to
dag Pan Aan out of a $30 dm
hole, S$ currently running full
page advertisements showing
happy pasengers saying “I got
this GE Toast-R-Oven by fly-

ing Air Florida” or “I got this
Spalding Racket by flying Air
Florida”

Air Florida has taken the
concept one step further. In
the bloody battle for domin-
ance • of the London-Miami
market, it offers an upper class
service. Among the perks of this
high class flying is a compli-
mentary chauffer-driven Rolls-
Royce which takes passengers
to and from Gatwick Airport

Are all these gimmicks really
worth the airline's bother?
They seem to think so, though
il is doing ‘little to improve
their horrible balance sheets
which have been thrown in dis-
array ever since the de-regu la-
tum of domestic airlines. In
any event, although the airlines
continue to Meed from cheap
fares, none, at this stage, wants
to be first to drop out of the
U.S. airline markets battle. And
aU are waiting lo see which
company becomes the first to
throw in the towed.

Discounts and gifts have be-
come de rigeur in' America.
Detroit is in the midst of a war
with General Motors announc-
ing this week its biggest ever
discounts on its cars averaging
10 per cent across the GM model
range (you get $2,000 off for a
Cadillac. Ford, not to be left
out, quickly followed suit. The
banks, too. offer aH sorts of
gifts if you open accounts with
them. And filling stations,
now also involved in a petrol
retailing war barely three years
after the great American gaso-
line shortage, have one small
independent company offering
drivers a free pizza when they
stop to fill up their tanks.

Treading through
a South African /
minefield

IT WAS A dangerous week for
South Africa’s Journalists, be-
ginning with the 1,400 pages of
the Steyn Commission on the

mass media and ending with the
Prime Minister shoutmg at a
group of the English-language
editors that they were “enemies
of the State."

: The Steyff Commission came
up. with recommendations— in-
cluding in particular, a P^P^a 1
. that access to the Press be r
tricted to journalists who-ar
oh a statutory Re ^ ster m ^ 1 p d T f l .

Whys and
wherefores of
avalanches

comes guscM?

jnpantams. e**™ U p-

tfwares ^ ™ iSe

away froen the fixed lT I ? va j’ attC he
reusing that a 8^5, in a
ran -send' tiiein frujjf 1 . ® the
bone-frreakang casc ^_f ^buried
slope and leave the®
under tons of ensp white
•ff&ere are lots, of theories
5 jqw to avoid disaster whe

Avalanche. JnM* 15
npnaaRy . Jess 'c&eerfta-

fhroughout the western world.

But ' even without Steyn,
South African editors describe
their lives as walking blindfold
through A minefield- There is
an important distinction be-
tween the Afrikaans Press —
whose editors are traditionally
very dose to government and
play a major role in formulat-
ing policy — and . the English-
language papers, which are
almost all identified with the
Opposition and therefore were
the main target of the Steyn
Commission. But both have "to
cope with a battery of .legal
restrictions that must be with-
out remote parallel in the west.

It Is often said that South
African editors -are affected by
one hundred statutes. Steyn
(himself a judge) goes to some
pains to discredit ttor as a
myth: be argues that many of
these Acte (e^. Acts controlling
advertising or proceedings in
juvenile courts) are not seri-
ously objectionable, and he con-

The snow in the Satturg
area of Austria where the latest
tragedy has occurred has been
classic avalanche materia). For
several days before the incident
I had skied locaHy. Early win-
ter snow was wearing flan ana
covered wifii iefc. On top o£ that
alayer of new, warmer, flakes
wi’Eeutiy faffing .to pwxfoce
m onSuS carpet. To toe tiaer
who enjoy 8 untra^ed ^opes rt
tempting stuff, deep . new
iowdTSw on a bard base
_the Wng dreams are

ma de <£And sometimes mtfit-

mares. ,

Snow falls like a layer cake.

Different layers d*

fSTand in the weeiu thereafter.

dudes that “ in total there are
not more than 25 Acts relating
to national security matters that
have a direct or i attire ct inhibit-
ing effect on the media.”

The fact is that a South Afri-
can editor has to be an amateur
lawyer (aud he certainly also
works more closely with his
legal advisers than bis English
counterpart would ever need
to). One of the simplest prob-
lems is that he has to beware
of tes reporters “quoting” a
banned person. Every South
African newspaper office has a
file listing the hundreds of
names of people who cannot
even be quoted about the

weather. -

More difficult are the laws
that lay the onus of proof on
the editor when reporting any-
thing to do with- police or
prisons. In effect, in taking
“ reasonable steps ” to verify a
story toe editor has to put the
official version and not query it.

For the Engiish -language

Problems come when any par-
ticular layer is too thick and
not bonded to the layer beneath.
The snow of the past few weeks
has been falling in rather higher
temperatures than those of
December and early January.-
•The result is that even a small
degree of thaw sends a thin
layer of water between the new
snow and the old. Then the new
snow simply slides off the moun-
tain.'

Obviously such slides are
broadly predictable. Local citi-
zens know the slopes which tend
to avalanche and the weather in
which such slides are likely.
Traps are set to catch the snow
or prevent it slipping; bombs
are placed and exploded from
time to' time to set off mint-

press the legal obstacle coarse
is far from the only problem.
The fate of toe most famous of
South Africa's liberal papers—
the Rand Daily Mail— bangs in
the balance with the appoint-
ment of the third editor in a
year by a board which seems
anable to decide whether to go
downmarket or up, and whether
to pitch for the black reader in
Soweto as weH as the white
progressive in Johannesburg’s
plush northern suburbs.

Circulation is drifting: losses
reached R6J>m last year: jour-
nalistic morale is low. But for
South African Associated News-
papers (SAAN), with toe
mighty Anglo American Corp-
oration a discreet and major
shareholder, to close the Mail
would mean handing toe Gov-
enurient an embarrassing vic-
tory. No wonder TertHis
Mybu-rgh, editor of the Sunday
Times, describes the life of the
English-language editor as “ a
laugh a minute."

avalanches before a big one has
time to build up: and, above all,
skiers are warned not to venture
into danger areas.

In aprte a* this avalanches
happen in unpredieted _ areas
and, of course, skiers ignore
the warnings. The one comfort
to recreational skiers, however,
is that avalanche incidents on
the actual, pistes are relatively
rkre. No ski resort wants the
image of being a death trap.

Contributors:
Paul Betts
J. D. F. Jones
Arthur Sandies

TODAY: President Mubarak of
Egypt starts two-day visit
including talks with Mrs
Thatcher.

TOMORROW: Aslef train

drivers strike. International
Spring Fair at the National
Exhibition Centre. Birmingham
(to February 11); UN confer-
ence on heavy crude and tar in
Caracas cto February 17).
MONDAY: Provisional whole-
sale price index figures for
January. Final December retail
sales. Hire purchase and other
instalment credit business for
December. Lords debate EEC
directive dealing with the
annual accounts of banks and
other financial institutions.
Central Bank Governors meet-

Economic Diary

ing in Basle. President Reagan
delivers Budget statement to
Congress. U-S.-EEC meeting on
agricultural trade in Washing-
ton. Tea exporting countries
meet in New Delhi to discuss
allocation of global export
quotas.

TUESDAY: Central- Govern-
ment transactions (including
borrowing requirement) for
January. Provisional figures of
vehicle production in January.
Provisional estimates of money
supply (mid-January). London
clearing banks’ monthly state-
ment (mid-January). FT Con-
ference entitled The Euro-

markets in 1982 at Inter-
Continental Hotel. W.l (to
February 10 ). Gas manual
workers pay talks resume. Aslef
train drivers strike. Mr Norman
Tebbit. Employment Secretary,
attends Electrical Contractors'
annual dinner at Grosvenor
House. W.l. CBI issues Budget
recommendations.
WEDNESDAY: Lords debate
local rates. TUC economic
committee meets.

THURSDAY: Aslef train

drivers strike. EEC textile
council meets in Brussels.
Commons debates overseas
development. Second 1982

Stockton leefure given by Mr
Len Murray. TUC General
Secretary, entitled A trade
union view of the role of
Government in industrial
strategy, at London Business
School. . N.W.l.

FRIDAY: Retail prices index
for January. Tax and price
index for January. Usable steel
production figures for January.
Building Societies' publish
January statistics. Mr Michael
Foot. Leader of the Opposition,
and Mr Ron Hayward. General
Secretary of the Labour Party,
attend Labour Party local
government conference at Oily
Hall, Sheffield (tu February
141.

£8300

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14

Financial .Times Saturday, ;Tebrt^iy ^ g, ^982

Companies and Markets

UK COMPANY NEWS

‘Beneficial
change’ at
Smith St
Aubyn

Assoc. Fisheries recovers to £2m

ted oA J twS and importing, exporting and Dividends shown pence per share net except where otherwise stated,

y 20 1982 indicated that tt . hrtlpcalit> ^ — * Equivalent after allowing for scrip issue, f On capital

*-as no lonser any loss of - *L~i — — *■ — increased by rights and/or acquisition issues.

SMITH ST AUBYN. the discount
house which lost nearly £20xn on
its gilt-edged operations last
year, says that there has been
a “material beneficial change"
in the company's position and an
unaudited
January

there was no longer an; loss
share capital.

Mr Jeremy Smith, the chair'
man, told shareholders at yester-
day's extraordinary general
meeting that “if this situation
continues, the company may well
be in a. position.” after the
adoption of the audited accounts
for the year ending April 5 1982
to pay the dividends on the com-
pany's preference shares.

The company announced last
month that it was having a one-
for-one rights issue to raise
£2.6m following the disclosure
that its losses on its gilt-edged
operations had extinguished the
group's inner and published
reserves.

. Smith St Aubyn has been one
of the fastest-growing discount
houses in recent years, but came
badly unstuck in the gilt-edged
market last year when it made
the “wrong assessment" about
short-term interest rate move-
ments.

A number of shareholders
were critical of Smith St Aubyn s
management at yesterday's
extraordinary general meeting
called to vote on resolutions to
increase the authorised share
capital. However, both motions
were carried and Mr Smith had
proxies covering 1.1m shares in
his favour.

He said that a management re-
organisation was being under-
taken. However, there would he
no board resignations.

Smith St Aubyn's shares rose
6p to 4Sp yesterday after touch-
ing 56p.

RATIONALIS ATI ON measures
taken by Associated fisheries
during 1979*80 have largely
averted a recurrence of that
year’s heavy losses in the 12
months to September 30 1981,
and the group's financial costs
were reduced by a conservative
approach to capital expenditure
and working capital, the
directors say.

Taxable profits of this group—
which is involved in operating
and managing fishing vessels;
fish and other food processing;

Current

African Lakes l.i

Assoc. Fisheries 1.75

D. F. Sevan int 0.25

Brit Amer and Gulf ... 1.5S

Bart Boulton int 2

Drayton Far East 0.84f

English Asscn int 1

Glasgow Stkhldrs 1.4

ML Hidings int 2

Date

Corre-

Total

Total

of 5poudmg

for

last

payment

div.

year

year

1*

1.1

1*

-

0.75

2

1

April 8

0J5

— -

G.S5

April 13

1.43

2.5

2J35

3

—

S

April 2

0.84

1.24

124.

AiMil9

0.63*

—

3*

-Mar 23

1.25*

2.35

2J3*

April 7

2

—

7

(£438,000) to be transferred to
reserves.

Current cost adjustments
reduced the taxable profits 'to
2176,000.

recovered during the year from
£5,000 to £2m. Turnover how-
ever was lower at £82.64m com-
pared with £68. 68m.

Interest charges (less other
income) fell substantially from
£534.000 to £69,000.

With earnings per 25p share
stated higher at 7.S5p (2.74p) the
final dividend is being raised to
1.75p net making a total of 2p
Up).

The directors say that it is not
yet possible to predict the out-
come of .the current financial
year, which wili largely depend
on the general level of economic
activity and the extent to which
the prevailing difficulties of the

group's trawling Interests are
containable.

During the 12 months under
review tie fishing industry was
exposed to continued unresolved
external problems and the
group's trawling interests would
have made further very sub-
stantial trading losses if Govern-
ment support bad not been
received.

The taxable profits included
losses of associated companies of
£108,009 (£22,000 profits). There,
was a tax credit of £1.02m
(£384,000) which incorporates a

credit of £1.62m arising from the
release of deferred tex for stock
relief. Had this release been
included in the earnings per
share figure the directors say
earnings would have amounted
to 17.05p. '

After credits for minorities of
£2,000 (£119,000) and extra-
ordinary items of £123,000
. (£132.000) the attributable
profits emerged at £3.15m
(£640.000). Dividends absorbed
£377.000 (£202.000). including

£27,000 (same) preference distri-

butions,

leaving

£2. 77m

• comment

Associated Fisheries is with-
holding the explanation of its
spectacular second-half profits
recovery for the publica-
tion of its annual report
and accounts. But it looks as if
the. main factor has been loss
reduction in food processing
and fishing, the latter helped
substantially by Government
grants of more than £0-9m. The
group has- also been very suc-
cessful in its efforts to trim
working capital and capital
spending: There was net invest'
meat income of £181,000 in the
second half .compared with
net charge of about the same
amount In- the previous period
The shares gained 4p yesterday
to 74p where the fully taxed
p/e is over 13. The company is
still cautious about, any settle-
ment of the EEC fishing policy
dispute but the doubled divi-
dend, which is uncovered on
current cost basis before the tax
credit, suggests same optimism
about prospects for this year.

Shortage of new Government
contracts, says ML Holdings

African
Lakes falls
to £0.4m

A MODEST increase from
£442.247 to. £453,488 in pre-tax
profits is reported by ML Hold-
ings, manufacturing engineer,
for the half year to September
30 1981. Turnover rose from
£12.41 m to £12j93m. The interim
dividend is unchanged at 2p —
last year’s total was 7p.

Mr Ralph Price, the chairman,
say 5 the production outlook for
the defence business is fairly
satisfactory but there ' is a
shortage of new Government
development contracts.

He says the signalling systems
business has been beneficially
affected by the British Rail
decision to order the company’s
track circuits but an over-
dependence on exports still
remains.

The foundry, during the
period under review, has

suffered from adverse national
trading conditions but now has
a substantially increased order
book.

The board points out to share-
holders that the long-term
nature of many contracts means
the profits for the half year are
not necessarily proportionate to
the whole year's results.

Tax charged in the first half
was higher at £235,814 compared
with £229,968. Stated adjusted
earniDgs per share were 5.6p
(7.05p>.

the benefits of UJS. rearmament
plans, though ML has a foot in
the door with its bomb release
unit for the Super Harrier. The
JP233 Airfield Denial Weapon

Portsmouth

Sunderland

up£0.1m

PRE-TAX PROFITS of Ports-
mouth and Sunderland News-
papers rose marginally from
£2.34m to £2.44m for the 39
weeks aided December 26 1981.

System is still at the develop- Comparative figures, however.

• comment

After a three year period of
steady profits growth ML has
been .finding it difficult to make
further progress. The effect of
the MoD spending moratorium is
beginning to show through in
turnover. It is too early to judge

meat stage, with no orders as
yet The dependence on export
orders for the signalling systems
side is hardly likely to change,
with British Rail's plans far
further electrification in a state
of suspended animation. The
modernisation at the Crown
Fonndry is being justified by a
much improved order book.
After the results the share price
shed 5p to close at 305p, yielding
3.3 per cent, assuming an
unchanged final. The high rating
will only be justified if ML can
transdate know-how into major
new defence orders.

LOSSES MADE by the advertis-
ing subsidiary of the African
Lakes Corporation and reduced
profits from its Malawi opera-
tions. caused taxable profits to
fall from £772,943 to £441,495 in
the year to July 31 1981. Turn-
over for the 12 months dropped
from £10.01m to £9.52m.

At the half-year stage, the pre-
tax profits of this group, which
operates as a trader and planter
of tea, rubber and other crops,
and is engaged in general trad-
ing. the motor industry and
advertising, were £252,771
(£218,487) and turnover stood
at £5.01m (£4.51m).

The year's single dividend is
heing increased from an adjusted
lp net per 25p share to l.lp
— last year there was a one-for-
10 scrip issue. Stated earnings
per share for the 12 months
under review fell from 7.4Sp to
3.66p.

The directors say that the
reduced profits from the Malawi
operations resulted fnjm adverse
economic circumstances and an
unfavourable exchange rate.

Taxable profits included a
share from associates of £32,975
(£81,411). Tax took £124,249
(£261248) and after debits for
minorities of £163,946 ( £198,294 >
and for extraordinary items of
. £31,488 .(nil) the attributable
profits emerged at £121,812
(£313,401).

The extraordinary items con-
sist of: (a) the group's share of
a write-down In the value of an
investment in Malawi; and '(b)
the group’s share of a deficit
arising from the revaluation of
freehold property and farms
owned in Zimbabwe by * an
associate.

Bertrams asks bankers
to appoint receiver

THE LOSSMAKING Scottish
paper and board machinery
manufacturers, Bertrams, has
asked its bankers, the Royal
Bank of Scotland, to appoint a
receiver to the company.

Ahead of this announcement
the company called for a halt
to dealings in its shares — at the
suspension price of I9p the com-
pany is valued at just over
£500,000.

The Edinburgh based company
— in which McLeod Russel has
a 42.55 per cent shareholding —
has made losses aggregating

£547,000 in three of the past five
years. In the first half of 1980-
81 there was a move back into
profitability. With a profit of
£13,000, but this was struck
before a provision for substantial
redundancies and foundry
closure. Turnover in the half
year was virtually static at
£1.66m (£1.67m).

At September 23 1980 share-
holders funds showed a reduc-
tion from £ 1.02m to £876,139.
Short term deposits were lower
at £130,000 (£188,000) while
overdrafts were also down from
£145,895 to £162,444.

English
Association
up sharply

Timber business heads
Burt Boulton for red

Drayton Far
Eastern slips
to £152,800

LOSSES ON the timber side of
its business resulted in pre-tax
profits of Burt Boulton Holdings
falling from £640,300 to £275,300
in the six months to September
30 1981. This, however, repre-
sents an improvement over the
second half of last year when
second-half group losses dragged
down tbe year-end surplus from
£l.lm to £22,700. A loss is fore-
cast for the current full year.

The net interim, dividend is
being reduced from 3p. to 2p,
following the cut in last year's
total payment from lOp to 5p.

Mr J. Roberts, chairman, says
the road surfacing companies
have made an excellent contri-
bution to profits but the timber
company has suffered very
severely from the effect "of the
recession and has made losses.

Results of one of its sub-
sidiaries have also been hit by
the failure of its largest custo-
mer and full provision has been
made in respect of the out-
standing debt

The Italian company has made

profits, though on a reduced
scale compared with last year.

Major reductions in the
activities which have been loss-
making at three of the timber
company’s branches will be
completed by March 31 1982.

The cost of disposing of
stocks and the majority of
redundancy costs will fall into
the second half and as a result
of this and the recent bad
weatber group will make a loss
for the year.

- First-half extraordinary debits,
relating to. redundancy costs,
totalled £25,000 compared with
credits ■ of £120,400.

Turnover for the period was
£23. 11m (£2 1.82m-) and taxable
profits were struck after de-
preciation of £438,800 (£3?SR00T
and ...interest of £461,100
(£566,000).

Tax took £129,000 (£358,800)'
there were minority losses of
£1,600 (£1,300 profits) and the
attributable balance turned in
at £116,800 (£394,500).

TAXABLE PROFITS of the
English Association Group, the
investment, corporate finance
and banking concern, have risen
dbarply from £528,800 to £916,800
for the six months to December
31 1981.

Tax took £342.300 (£218,600),
of which £327,300 (£200,700)
related to the UK with the
remainder overseas, and net
profits came through ahead from
£310.200 to £574,500. Stated earn-
ings per 25p share, adjusted for
the rights and scrip issues, were
6.44p (5.66p).

The interim dividend is effec-
tively higher at Ip net (adjusted
0.625rp). costing £90,262
(£42,310), and the directors con-
firm that they intend to recoup
mend a final of 2p per share for
the current year ending June 30
1982. Last year, payments were
made equivalent to 3p on £1.05m
pre-tax profits.

were affected by an estimated
loss of £0.5m caused by
national dispute.

At the half way stage, pre-tax
profits were virtually un-
changed at £1.31m (£L3m).

Turnover for the 39 weeks of
this newspaper proprietor and
publisher increased from
£10.24m to £19.66m. Taxable
profits included lower invest-
ment income of £86,000
(£193,000) but higher interest
receivable of £467,000 (£348,000).

Tax charge increased from
£740.000 to £807,000 and was re-
duced by a transfer from de-
ferred tax of £263,000 (£450,0001
which the directors consider,
having assessed future capital
expenditure, is not now
necessary.

After deducting extraordinary
items of £96,000 (£46.000) for
goodwill written off on the pur-
chase of shops, attributable
profits came through at £L54m,
compared with £L58m.

Stated earning per 25p share,
before extraordinary Items,
were ahead by 0.3p to 13.8p.

In current cost terms, profits
before tax were £L45m (£L35m).

Improvement
by Glasgow
Stockholders

Progress at

British

American

Although tax was down from
£237.905 to £131,811, net revenue
of Drayton Fpr Eastern Trust
feU from £229,838 to £152, S21 in

1981.

The final dividend Is
unchanged at 0B375p for a same-
again total of 1.2375p. Net asset
value per 25p share Improved
from 79p to 8i.5p-

The directors point out that
tbe fin/ dividend is being main-
tained on capital increased by
the 7 rlghts issue. They say. how-
ever, investment policy is aimed
primarily at achieving- maximum
capital growth and in view of
low 1 yields on most Far Eastern
stocks, no assurances eon be
given that the level of dividends
will be maintained is later years.

Mid Wynd pays 0.5p for
first interim as trust

IN ITS first results since
obtaining a listing on the Stock
Exchange in October, Mid Wynd
International Investment Trust
announces an interim net
dividend per 25p share of 0.5p,
for the three months period from
September 30 1981.

Stated earnings available are
£32,456 or 0.65p per share. The
interim absorbs £25,112. Since

1981 amounted to £122,381. Tax
charge was £234385 and earnings
available fbr ordinary holders
came to £52J261. Earnings per
share were 1.04p.

The directors point out that
comparative figures for the half
year to December 31 1980 are
not available as -the company was
unlisted at the time and interim
accounts not prepared. In their

Pre-tax revenue of British
American and General Trust rose
by £48,656 to £199.539 for 1981.
Gross investment . income
improved from £2. 06m to £2. 16m,
and underwriting commission
and deposit interest accounted
for £100,660 compared with
£179,390.

The pre-tax figure was struck
after management and general
expenses totalling £147,432
(£142,481) and loan stock and
other interest charges of £52,107
(£8,402). After tax down from
£790,892 to £729.398 and prefer-
ence dividends of £31,041 (same),
net earnings for the year showed
a slight improvement at £1.3m
f£1.26m) which is equivalent to
2.59p (2.52p) per ordinary stock
unit

Tbe final dividend is raised
from 1.425p for an increased
total of 2.5p (2.35p). Dividends
absorb £L25m Ul.lSm).

At the year end net assets
stood at £34.91m (£32.03m),

equivalent to 69.6p (63. 9p) per
ordinary stock unit

Net revenue of Glasgow
Stockholder) Trust Improved
from £546,610 to £603,102 in the
year to December 31 1981.

Tbe year end net total was
after tax of £326,821 (£269,866).
Gross revenue increased from
£1.18m to £1.38m. Stated earn-
ings per 25p stock unit were
higher at 2.68p (2.4p).

The final dividend is effec-
tively raised from 1.25p to 1.4p
for a total of 2.35p (2.125p
adjusted). Dividends absorb
£535,836 (£485,940). Net asset
value per share was 102.9p
against 98JJp (prior charges de-
ducted at par).

At December 31 1981, the com-
pany's investments to tailed
£25 m (£23 -2m).

BIDS AND DEALS

Jerry Nims spends
£4m to bay back
stake in Nimslo

N. Ameneaii
purchase

BY CHRISTO® MOIR

Dr Jerry Ntms, one of the
founders and now the chairman
of Nimslo International, the
group which is developing the
controversial new 3-D camera,
has spent some £4m an buying
back 2.3 per cent of the company
in order to underline his con-
tinuing commitment to it.'

In November : 1380, Nimslo
Technology Ine^ a company in
which Dr Nims had 46 per cent
and which held the. rights to the
basic technology, sold out to a
Bermuda- based group finally
called Nimslo Technology.
NIL is owned by subsidiaries
of Fred Olsen, which has links
with Timex, now manufacturing
the camera, several European
organisations and a charitable
foundation of which Dr . Nims is
a director:

Dr Nims retained 1 only 1 share
in Nimslo International in which
NTL owned 75 per cent follow-
ing the reorganisation last
November.

Details of the 1980 share sale
only came to light in last
November’s prospectus for
Nimslo International's stock
market debut.

Dr Nims was criticised In
some quarters for having sold
all his shares — at an undis-
closed price — while inviting
new shareholders to take a -con-
siderable risk in taking up the
new shares.

International to about -72.3 i. per.
cent.

The share price, was not dis-
closed but Dr Nims said tiiat.it

;-T)RG, THE-Biclohsou Robin*** -
packaging and stationery group,

•'? is expanding its C.S.' operations-
' with the acquisition of a flexible

i parlfa g ln g . . miiTnifaptWT Pr jj)r '

$fc75m :(£55ra),

DRG which laid off soma
3,000 . of*; its 'workforce 'list . '
September - following pretax ' .
proffte halved to"£4.7ra in the

was related to the roarket price -first half of lSSl — ls - acquiring

the F-ordent Company of : Hadi-

which yesterday rose by 5p'to

180p. He and the other two men . gm - Witeonan.
will also need to get the
approval of the -shareholders of
NTL before they can sell on. -
Dr Nims also complained yes-
terday that .the original sale of
his interest in N&nslo Tech-

• Fdrdezn, 'whose - development
has been based on. providing a
service to the North American
health' care- industry, - has
achieved a* growth rate of 25 per
centper.annum farthe past five

no^ogy Inc .mis-. 7 earS. In l08I,its'saIes reached

understood. . He had done « to. - (.at-awi y.. - ■

“align the technology with, a
major group which wild be un-
affected by toe vagaries of in-'
flation and the stock market.
The cash I received was
secondary to the need to ensure
the. -future success of .the
company,” he said.-

Price offer
for WiBiams
unconditional

Yesterday Dr Nims confirmed
that the criticism persuaded
him to buy a sufficient stake so
that “ the last thing anyone
could say again was that I don't
have an intense personal interest
in the group."

The shares, some 2.5m of
which have been acquired by Dr
Nims, with Mr L. Allen taking
up 350,000 and Mr J. B. David-
son 100,000, . have come from
Nimslo Technology. This re-
duces NTL’s stake in Nimslo

C. PRICE AND"*SX>N*5 ■ offer tor
51 per cent of Williams and Spas
Holdings has been di^ared 1 un-
conditional and wild remmn'open
for acceptance, subject to seating
down, until February 22 0882.

Tbe basis oif the seating , down '
win be asnouncedJby'9.30 amt- oh
February 23.

Price , and ;'.. x WatiaBts „ r wffi
endeavour to maintain .ids listing
on tbe stock - 'exchange for tbe
shares in "Williams. Con-
sequently, shareholders dsould
.be able to ' -deal in the, dbares
which : they continue tnboLi .. ,
. The Tnririwg- of offer, has
been approved, by: .shareholders •
holcfing in excess of 50; per cent

- Tie acquisition represents .a
strategic expansion; of DRG's
position as -a supplier of sterUis-
able medical packaging world-
wide.-. Fortiem has been merged
-with DRG's -existing marketing .
operation, DUG "Medical Pack-
aging, based in Hackensack; New
Jersey, under which name itwill
no>y ;trade:

V DRG says ft intends to com-
mit; new capital investment and
the full support of .its- techno-
logical. -resources T to expand" its"
medical " packaging range . in
the "CJ-S. and provide a better
service to customers. - .. . .

ROLLS & ALLEN

Merchandise- and - Investment
Trust, a wholly-owned su baa diary
of Hambros, .the banking group,
has sold on its A.7 per emit
shareholding in BHDs -and Allen
International to OHainbros Invest-
mextt .TrastJa which the bank'
has a 13 per cent stake.

SHARE STAKES

Pengkalen — £ traits Trading has
sold- its entire! holding of 423^17
ordinary shares. . ...... .

Marks an d

Spencer— 150,000

of the voting rightpoif 'WQHtiins ordinary shar es -in? which -Mr
and the offer will hot be referred Michael M. Sacher, director, had ,
to the Monopolies .and. Mergers a beneficial interest, have been
Commission. 1 sold. •" ,

MINING NEWS

Straits Trading’s stake in
Pengkalen changes hands

BY GEORGE-MRUNG-STANLEY

THE PATTERN of changes in Renong Tin Dredging and.”Idris Perak state government which

the ownership structure of '*’*-• -“ S1 *

Malaysian tin-producing com-
panies continued yesterday with
the news that Straits Trading has
sold its 26 per cent stake in the
London-registered Pengkalen for
MS9.4m (£2 24m).

Hydraulic Tto. will renew its mining .licences

The identity of the buyer of and assist to the procurement of
the Pengkalen holding is con- further mining titles to "return
cealed behind the' ’ Malaysian . ’ for "a 30 per cent." stake. •" ; 1
company Aman Nominees. .-

Pengkalen, a member of . toe.- 'Pengkalen has ^heen toe subject
Gopeng group., of . tto producers, ■ sp ecul atl ve - buying in- toe -Far
said towards toe end Of last year -East to recent weeks, ;on rumours

Straits Trading, which is part that its reserves could - only be ^ a takeover, possibly in line

of the Overs ea-Chinese Banking
Corporation group, recently sold
its interests in two other
Malaysian tin producers listed to
Kuala Lumpur and London,

worked profitably for Another two with - tb® solution Gopeng h*s
or three .months.. worked out for itself with: toe

Gopeng itself was to a similar re stoual. authorities,
position .". until .this week’s. - The shares gained SOp to 450p
announcement of a deal with the,, to. London yesterday."

SsSHES'

Mary Kathleen to close early

ALLIED SUPPLIERS

Allied Suppliers (Holdings)
has passed a resolution not to

re-register as a public company.

last September toe company has opinion, a comparison would not The Companies Act gives to the
" “ " be relevant as toe company was ' "

Upturn seen
by Arthur
Guinness

been conducting its affairs as an
investment trust

Net assets for the six months
ended December 31 1981 were
£3 ,64m compared with £4J.8m for
the six months to June 30 1981
and asset "value per share was
72.6p compared with S3.3p.

Gross investment income for
the six months to December 31

not then an investment trust
The directors expect to recom-
mend a final dividend of 0.7p for
the period to June 30 3982 and
they confirm toe forecast of at
least 1.7p for toe year ending

holders of not less in the
aggregate than 5 per cent in
nominal value of any class of
the company's issued share
capital, or to not less than 50
of the company’s members, the
right to apply to the court

June 30 19S3, the first full year within 28 days of the passing of

of toe company’s operations in
the new form.

the resolution, for the resolution
to be -cancelled.

The annual meeting of Arthur
Guiunes$ Son and Co, the
hrewer, heard Mr Simon Lennox-
Boyd. deputy rivairman of the
company, offering reassurance
that “ toe benefits of the actions
we have taken are starting to
come through.’'

Mr Lennox-Boyd, Who spoke
In toe absence of toe Earl of

Gresham Life cuts bonuses

SPAIN

Gresham Life Assurance
Society, a member of the Dutch
insurance group NV AMEV, is
cutting its terminal bonus rates
in 19S2.

On its new series endowment
and whole-life assurances and on
deferred annuities the rate, is
reduced from 35 to 30 per cent

Ive3gh, the chairman, added'that of attaching bonuses at tbe date
"profits in 1982 ought to recover of the claim. For old series
from last year's' level tb " a" more endowment and whole life the
satisfactory, figure."’ —^.provided .rate Is lowered .by -20p tnJEL2D.
that demand for the company’s per cent of the sum assured for
product was irat "unreasonably each year to force, up to'. man-
affected ” by budgets in its main ■ mum of 30 years.

five pensions plans the rate is
cut from 17i per cent to 15 per
cent Of attaching bonuses at the
time of retirement
The company still takes into
account the movement of the
UK equity market in determin-
ing such bonus rates. It pre-
viously Increased its terminal
bonus rates in the middle of last
year following the rise to toe
equity market and this present
cut restores the -rates to their
previous -level and reflects toe
market fall over the final

its

operating countries.

_ „ . quarter ■«£ last year from

: • For self-employed and-«era-~peak^ ■ -

Price

February 5

%

- or "+■

Banco Bilbao

338

Banco Central

359

>4

Banco Exterior

321

Banco Hispeno

323

Banco Ind. Cat

115

Banco Santander

359

Banco Urquijo

228

'+2

Banco Viaceya

ass

+9

Banco Zaragoza

235

■+1 "

Dragados—

-173

*■1

Espanola Zinc

62

+2

FeCBB" ' - -T-.

62.5

+0.3

Gal. Preciados

44

.+ 1

HldroTa

67.5

Iberduera

52.5

-1

peuoleos

100.5

:+o.8

Patrolibar

96

Sogafi5»

30

Talofcnlea

74

’+1.5

Union .Elect.

66.7

+0.2

TOE Bio Tmto-Ztoc group s of the year, and uranium wiU be tonnes, a year since 1976 Sales
Mary Kathleen uranium mine in stockpiled to meet contractual contracts had- been^aereed »
north-western Queensland Is to .obligations nmntog ; to;1984- i total of ASOOtonnS^out of
close In Septentoer tois year. The company said that toe estimated reserves* of around
mstead of m mid-1983 as pre- uramurn left in toe ground and 6,000 tonnes, and tob dheratora
viously expected. in low-grade stockpiles after , hoped to be able to ar^Se toe

ciosuxe jjrtll not be sufficient Jo .sale v£ : the" remainder. -
enable Mary Kathleen tb negoti- It now seems efrs a r that they
ate sales at prices which would ’ have' not been able to do so, nor
it to continue to operate has. T toe - recently-expanded
v ' explOTatbin programme : im-

Mary Kathleen has been pro; covered ecoaomioally-rigniflcant
during at a rate - of around 800 . mineralisation.

RTZ said yesterday that by the
end of September, enough
uranium oxide should have been
mined to meet existing contracts.
The operation's treatment plant
will remain open until toe end

Regies

Steady

'f - r ' Methods
a Ne*

■ ZZ''JT

Results due next week

The market forecast of about
£90m pre-tax when Imperial
reports on Thursday, though 28
per cent down on last year,
represents an improvement
second half on half. Howard
Johnson should have paid for
itself to toe seasonally better
half. Courage has increased
market share and volume,
benefiting from the mew brewery.
The poultry division is still

suffering from over-supply, but

egg prices have held up well.
Cigarette market share is
thought to have dipped under 50

Steebnakmg. agricultural equip- The recent turbulence in toe At :such an early stage of the
ment, motor distribution and - aerospace sector- qpuld . ctip game "there is not a that
printing and publishing back Dowty’s wings this year. • brokers can say about" toe roll
businesses in toe UK are being Predictions for the Interim year although ^ey-Jehtuie esti-
by the recession, figures, due on Thursday for. the : mates in to e range firoan^llSi

badly hit

although the partial closure of six months ended September, - to^ElSGm. The'fi^thr^m^ntiu

Hadfields last year brought an range from £L6m to £21 m, .'are considered to be riTn™
end to large losses there. against £19 m last time.’ The Md S

The important precious metals see some slippage to -aero- -^forecasts - vary " between V r £i7m
mming side has been hurt by r Ju! 111 * the . ir fi30m before : tax . (against

’ ~ opposites see slight improve-; £I4.6m: last year) cantion^feeius-

ment throughout the group: -For to be justified^
the ftoJ year, predictiora ra^e . .The more optimistic lhie de-
a « aI ^ t ^.-Peods^n a decent advance in
- —the, UK- — based on . last . year's
The effects of : the Tornado-, cost cutting and the absence- of

lower prices. On the other hand,
favourable foreign exchange
movements have helped' the
hotels while the export confirm-
ing operations have enjoyed
strong markets, notebly in

IrnjK taSiS Nigeria Given sueh a Vkrie^ ■». write 'galhStti

the pricerises andconcentratinf ™

on margins. Costs have been
cot, with about 1.200
redundancies, though toe com-
pany denies that .it- will close
one of its Cigarette factories.
Feeling has hardened that the
dividend win be maintained,
which would give a- yield of
about 14 per cent

Lonrho profits were down 18
per cent to £40-7m at toe interim
stage and the negative forces
then at work remain prominent.

always difficult- to forecast, but ^ is undecided" toe- U.S, -. Moreover Australia

analysts are looking for between £ n how h J ard - There is likely to ’ -and South Africa should be
£105m and £llOm before tax be some improvement io-mining slightly ahead, ihough.with less
compared with £H9.1m when slumped heavtiy last year- help: this time^ ‘.from 1 ^currency

preliminary results are shares have been descend- ; mevemeiit8. ■ But thanks to the
announced on TTiursday. “S f°r some iuneLffhey are ndw slowdown,- - there- is also a

«o? e ssja Vissi

cant decline at the attributable another year or two" at -least to report n «t week

Tbe dividend is expected to-be include. - toe Securieor-Securlty
at least maintained. Services^ combine (finals won

S:

i , attributable

level. The final dividend, like
the interim, is expected to be
maintained, making 9p for toe
year.

• V 'V

B P C . International reports on Wednesday) and . " • TWm^ g

Compiny

FINAL DIVIDENDS

Aoronsan Bros. —

Bros date ru> Inyaspnont Trust

Brooks Tool EnsiriMJing (Hldga.)
Crescsm Japan .4nvsstment Trust

Crest Nicholson

General Consolidated Inv. Trust ...

Habit Precision .Engineering

Hamilton -Oil Gt- Britain

Imperial Group

iadiw Pride Outerwear

Lancashire & London Inv. Truer ...

Leaderflush (Hldps.)

Lonrho

Macphsrson (Donald)

Manchester Ship Canal

Plastic Constructions -

River & Mercantile Trust

River Plate A .Gen era] inv. Trust ...

Securicor Group

Security Services

Thermal Syndicate

Wagon Finance Corpn

Webar Holdings

f

■

Announce-

ment

Dividend (p)*

. ten war Thhs vear

due

int.

Final ■

Int.

Tueoday

1.2

3.0

O.B "

Monday

2.2

4.8

2.2

Friday

145

2.05

0.75

Tuesday

• —

0.95

Tuesday

1.0

1.3

1.15

Wednesday

2.25

3.65

2.2ST

Wsdnasday

0.55

Thursday

, —

_

Thuraday

2.75

4.5

2.75

Tuesday

2.0

1.4 .

Monday

2.62S

Wednaadoy

—

Thursday

3.0

6.0

3.0

Tuesday

1.5

Z7

1.5

Monday

7.5

10.38

7.5

Friday

0.836

1.8303

0^36

Thursday

2.5

0.5

2.5

Thursday

1.2S

4.0

1.25

Wednesday

0.5

1.11

0.55 •

Wednesday

0.9T

1.8

1.0

Thursday

3.0

4.0

3.0

Friday

O.G25

1.6875
rgntfifl iijt

0.825

ijJoftrr

its first quarter. this Wedhesday. '^iuppTles rmterim-TImrsday).

Company

INTERIM DIVIDENDS'

Ametrad Consumer Electronics
Ashley Industrial ‘Trust

Bonn Brothers ' ■' ~ -■

Chriatie-Tyler 1 ■ , *'_*.•

Crouch Group

Announce-. .

mant
... ' due-

- Dividend (p) - "=

. -Last year TTile yaaf
,n V ' Final Int.

. Tuesday ... 1.56. * 2.39
Wednesday 1^5
Wednesdey • , 1.1 - -

.Ybt^sday.. -• 1 . 0 . . • . 3,0 •' ' '.
TtWHtoy. 1 . 075 . 3.325 -

'tit.

Oala Electric lntemationaf“3ZZ^Z; Tlruratfay • Ih7- - 1 J 25 - * - - - _

SSr-af*- «•) toms 2% , ■

SSX - if 6 * 7 )f*

GuUdhnif^P . Wodnaeday ' .1^75

Tubaday; ;• 0.73 ;

Heo^amat Wednesday. -

IS!!!?* 7* ^ roducts - Monday ’ 1 . 1 s

Meat Trade SuppHera ,.U Monday •• ■

Mountleigh Group. Thursday 1.0

Tools .•■niorsday, ! ojj

Worthington (A. J.) Hldgs.--....;...— -.-..Tuapday 0^1.

4.4

Sis

ITS

4.375^

2.5
A2
043

~ '

INTERIM FIGURES
HOC Internationa)-
Christy Bros.

[ ■ . 1 ®

loaedayf"

"Thorsdoy .

' _-:v

: "P .

15

'sbh

It

\\

Financial; times Saturday -Fetoary 6 1982

SUMMARY OF THE WEEK’S COMPANY NEWS

; i-- wuw

il: -"-si , • t. $■•-

" - • : i - >V:

t, >•

: - ■ t'i . * I]

i k- ~

r ; .'v^\r

j- r: - •

5&\

;t.

" * ‘V i, <: "iv

• ’ ■ h‘“- - ■

i n# N <-‘

:>®:

*.* 'Uo ;!■

~";,Sx

fv-i : •.

•• ;-r V\£ij- •

Kr nvs '

:i$h •
‘ -•; ,

Take-over bids an# deals

Flsoos sold, its trouble fertiliser division to Norsk Hydro
Norway’s biggest industrial company, in a £50m cash deal As a
rewilt. Fisons' ftaJaneeiafieet, which looked badly stretched at the
ead of 1980. will rttfum-to a reasonable level of gearing From
. .the stock market point of vtew.Fisons is now seen as a likely
takeover target and the 'deal sparked considerable speculative
actxnty in the company's shares which have risen 63 d to 245 d
since the deal wa&' axjDOunced last Monday. -

JlJS an agreed : 180p per share cash bid for Arthur

Bolden, the Birmingham-based paint company, valuing the latter
ar£12.8m. .Last; months International Paint, the Courtauids sub-
sidiary. pwd 150p per. share for a 12 per cent stake in Holden and
st ated t hat the investenent was in accordance with its that
a strong international business could be' created by a closer
rejauonshjg) between jffie two companies. The Holden directors,
speaiang for about. 27 per cent of the shares, made it plain that
they would not welcome a merger with International Paint "

.-.■ .Dealings in.-the -shares of Leadenhall Sterling resumed on
Twsdayj at 120p compared with the January 22 suspension price
of 65pf« lowing tbe anouncement that Hays Group, the property
and cfcanicals dSstrfbntion' company owned by the Kuwait Invest-
ment Office, had made an agreed £5.6m bid for Leadenhall which
fe part of British and Commonwealth Shipping. Hays is offering
125p per share cash and this has been accepted In respect of 79 3
. per cent of the equity. .

- & Henderson, the specialist doors manufacturer, emerged
as the bidder for Normand Electrical, the loss-making electric
motor *nd power transmission company. The terms; 8 new
Henderson snares plus 420.5p cash for-everjr 29 Norma nd shares,
value the latter, at approximately 55p per share and the Normand
caiMtal at about £4.9m. The offer is virtually assured of success
with irrevocable and indicated acceptances already standing at
over 50 per cent of the Normand shares..

Stenhou&e Holdings, the Glasgow-based insurance broking
group, acquired the New York broking firm of Schiff Terhune
International for £7.9Sm.

Value of Price Value

Company bid per Market before of bid

' bid for share* - price** bid £m's**

INTERIM STATEMENTS

"Fr^ExproST
(£0001

PRELIMINARY RESULTS

Company

"HaJSyear 1

to

TSter?m3ivi3^ffi®
per share (pi

Bidder

Prices in pence unless othorwiss In dice led.

Assoc. Conuns. *A’

68*

74

52tt

35R

Bell Group

Assoc. Contms. 'A*

85*

74

73

46.13

Heron Corp.

Baza ton! Hldgs.

700*

190

245

1.75

Close rule

Callender (G. AX.)

S5*

82

56

5.78

Colas Prods.

City Offices

13191

12S

no

35.12

Greycoat Estates

Colonial Secs.

73J

68

54tt

9.21

UtdL Newspapers

Croda Int.

70*t

82

43» •

62R

Burmah Oil

Croda Dfd.

37*g

55

21

3.90

Burmah Oil

Ellloti )”b’roM

39

35

42

5.14

Jenks & CatteD

Grant Bros.

ISO-

183}

179

2.28

Jadepoint

Heron Motor Grp.

34* §

31

23

433

Heron Corp.

Bolden (A.)

ISO-

192

158

12.82

IQ

Howdeu (Alex.)

162

153

142

14734 Alexander and

Alexander Sits.

Huntley & Plrar.

10395

107

108

5636

Rwntree. Mkntsh-

LaganvaJe Esls.

36}

32*

29

533

Sturla Hldgs.

Leaden ball Siring.

125**

120

65tt

5.62

Hays

New Syihet

200*

220

225

038

Bon Marche Line

Normand Electl.

5759

55

41tt

5.13

Henderson (P. C.)

Oldham Brew.

263

158

92

23.47

BoddJogteiu

Pyramid (Pgshs.)
Speedwell Gear

60*

57*

60 tt

1.20

Starwest lnv.

Case

15*

17

23

14.4

Astra Ind.

Ward (T. W.m

225t

235

144

132.32 RTZ

Williams (W.)

25*1111

26

Utt

0.85

Price (G)

Cowan de Groot

Oct

421

(S44)

1.0

(LO)

Electronic Mchn.

Oct

60

(S3)

—

(— )

Flag Investment

Sept

462

(535)

—

(— 1

Grimsbawe Hldgs. Oct

264L

(74)L

—

C— )

Hillards

Nov

2.220

(1,730)

1.0

(0.75)

Howard Shutrng.

Oct

227

(303)

0.54

(033)

Longlon Ind.

Sept

25SL

(35)L

—

(— )

McKay Securities

Sept

823

(535)

135

<1-35 J

Moriey (K.H.)

Sept

15

(61)

—

(LO)

Mon ton Bros.

Oct

158

(115)

13

(— ) •

NCC Energy

Sept

2.440L

(377)L

0.4

(0.4)

Neepsend

Sept

335L

( 1,660 )L

—

(— )

Reed Intern tnL

Jan

55, 700 1

(42,100)7

—

(— J .

Reed Stenhonse

Dec

775Lt

(274>Lt

. —

(-)

Regional Props.

Sept

961

(924)

0.8

(0.75)

SECT

Oct

381

(672)

13

(0.9)

Smith Bros.

Oct

79SL

(L4101

03

(LO)

btelnberg Group

Sept

97L

(3725L

—

(0.01)

Stonehtll Hldgs.

Nov

163

(4191

2.0

(4.0)

Textured Jersey

Oct

325

(411)

1.75

(1.75)

UnKecb

Nov

2,470

(2390)

23

(2.52)

Ytbroplant

Sept

530

(1.360)

5.25

(535)

Whitworth Elec.

Sept

154

(151)

—

<— )

Wholesale Fitng&

Oct

1380

(1360)

151

(1-1)

Zelters Group

Sept

470

(737)

035

(035)

Company

Year

to

Pre-tax profit Earnings* Dividends'* [
(£0001 per share (p) ,

Blundell Pennglz. Oct
1DC Group Oct

Glanfield Lwmce. Sept
Lonsdale Unlvrsl. Sept
Prestige Group Dec
Scot. Agricultural Dec
United Glass Nov
Western Selection Sept
Wstminster. Prop. Sept

2,050

(1.S40)

193

(63)

5.6

(43)

1320

(1.040)

29.7

(7.0)

537

(5.06)

13S

(204)

0.3

(—1

—

(— )

295

(829)

1.2

(6.0)

1.0

(135)

6,620

(5,670)

21.3

(19.2)

6.SS

(6.88)-

4.130

(4,450)

34.6

(463)

14.75 (14.75)

6330L

(5,570)L —

<— )

—

(— l

420

(379)

33

(4.1)

2.3

(2.3)

431

(155)

1.9

(0.9)

0.63

(03)

Offers for sale.placings and introductions

Barclays Bank — Is raising £3 OOm through a placing of a 25-year
unsecured ’can stock bearing a Ifi per cent coupon, at par.

ImjaeC ! ?.io Bns'ness Sys'cms — Is com in? to the Unlisted Securities
Mo/rre: b- wav of* a placing of 32” (*/>1 ordinary shares at 900p
a • \ nine To:' one strip !rsue befor? dealings commence

w v -n an effective placing pr'ec of 90p a share.

Scrip Issues

* AM cash offer, t Cash alternative. t Partial bid. § For capital
not already held. ** Based on February 5 1982. ft At suspension,
t? Estimated. S§ Shares and cash, Unconditional.

(Dividends in parentheses are for the corresponding period.)

* Dividends shown net except where otherwise stated, f For
nine months, t For first three months. L Loss.

Ropner Holdings — Proposes to issue new “A” shares on the basis
of one for every two ordinary and preference shares on the
basis of one £1 share for every four ordinary or k A” shares.

Y. J. Lovell — One for one.

Rights Issue

Y. J. Lovell— Is raising £3.7Sm by -way of a one for four rights issue
at 220p per share.

Poorer outlook for Greenall

ake i

-as
'-■zzi
' '* :ss

;

•-

. ■ :e
. "‘.-J

- • .— -S

AT THE company's AGM Mr
Christopher Hatton of Greenall
Whitley and Co., 'Warrington-
based independent brewer, said
figures were down for the .first
quarter of the current year.

He expressed the view that it
would be difficult for the com-
pany to. maintain profits- at the
same level as last year.

Referring to the recent acqui-
sition of seven bingo halls, he
said that gaming board consent
to the transfer of the bingo
licences had now been obtained.

New capital expenditure
improvement schemes were
planned at the Belfry Hotel and
golf complex in the Midlands,
which was -now totally owned by
Greenall.

On future diversification policy,
Mr Hatton said the company was
looking Into a number of areas
and would be announcing further
plans as they come to fruition,
since the board strongly believed
there was a case for “ hed ging
bets ” in this way to cope with
changing consumer habits.

He added that given improved
trading conditions, he was con-
fident that the company would
' continue to make further
progress. -• ;

. At other £GMs chairmen
reported as follows:

At Matthew Brown Mr Patrick
W. Townsend told shareholders
that beer sales in 'the current
year had . suffered;' from ' the
exceptional winter Weather and
the continuing reeessiom
Volume yrsfi again down on last
yeM. The imprpvenfeiltlof bast-
ing ~tied t '; outlets - was receiving
increased r .attention and the
acquisitiaB jrf . hew outlets was ' a

major objective .' .

, Mr: J. f&Ryear, chairman
of AJ£sa&a._li&t “although most

“PENNY SHARES”

_ Monthly advice on lew priced- -
shares. which' to'.'buy and
whan xo sail

* ~ Fof tvit details end a.~ ■ •

'.FREE' COPY writs: '

THE PfiNNY SHARE GUIDE
' 11F Btomffalif S trout
, . ; Condon ECZM 7AY M *

7; li

Strategies
for- Steady
Enhancement

How Jeffery Methods
Hove launched a New
^Equity^Growth Medium .

Computerized sysla ms at work in
. Jaffa ry-arganizati on research focUfttaa
on both aides of the Atlantic are

esarad to flaph . buy .and. sail , signal* _

on days when mass anxiety or elation
•is seneimtijig uneusioloobje thrusts .
either upward or downward. Growth
Strategies Fund, managed on clients
behalf by the Jeffery group, began
buying U.S. livestock futures on such
signals last Doc amber before official
figures confirmed jhat news-detnoraliied
farmers had. been shipping breeding
. sows to market— creating the potential
for critical shortage. Five weeks
later the Fund, wa a . still holding Frozen
Pork Bellies Futures at 20 cents
per lb. above their mid -December
bottom. First DowJonsa -average
buying signals ware flashed on i. January
13 sa the index broke below 830.
Accumulation of New York growth
issues displaying Individual buying
signals commenced on that date: and
here is a complete list, of Fund .
purchased made since then. Average
coat is listed after each share a name
with the subsequent bracketed
price taken from the.tape on January
29 when the average fvad added -
35 points: AMDAHL SB *.

COMMODORE INTERNATIONAL 9Q\
(S48M; COMPUT5BVISION, S29»»
f$33k): CONTROL DATA. SKBj
CRAY RESEARCH. S32* DATA

general

DATA SYSTEMS. S22>« {SOJa); GCA.
522*4 (525*4): GRB. 511U (Slf^):

HECLA. S1l»4 (S10%)?Jf°MESTAKE,

528V (531*,): ITEK. SlfJV r LO RAL.

S2SV (530): MOHAWK DATA. 512V
(S14V1 1 MOTOROLA. 453 ■ (557*1) NBi.

fflviww ^storage rtfMiowar.

529 (531): TANDY. 533 (535).

Many of these jumped 10%
more B3 the Daw added J’f™ 9
been selected for inordinate
potential with longer term f ™l®=J. ,Dns
supplied In weekly Jeff® nr L " , |" r V
ofran running to multiples of «atMt
TBcaasion-scaro lows. From »ra '"'ba 1
£2 offering price Growth
Fund was at C2-K i" l“ s ,ha " 7®
months: and we*»l be happy «
details and » complimentary Jeffery
Letter « you'll telephone or return the
coupon.

The Jeffery Letter

r — i

| Published by Prwsmlnster Limited |

! Suite 411.' London inxemationgl -

I Press Centra, 7B Shoe Lane ■

I Londoo EC4A 3JB. Engfand . I

! Tel: 01-829 1248

J Gentlemen: PIMM ^ I CjHPpH'

J mentaty Jeffery W» r f J'”™
a tlon concerning Growth Strategies

. Fund. b

I Name

I

| Address

I

I

■- i

ir-Mum. ■

1

■ JfliOfJnonv

i

Mr Christopher Hatton

Greenall Whitley chairman

markets are Quite weak and
there is no sign of any up-turn
in general trading conditions,
results . so far are showing bene-
fits from the heavy costs
incurred in restructuring. In
addition, borrowings have been
contained ..at : the improved
September levels. For the rest
.of -the year, providing that
overall demand is maintained,
better profits are dependant on
improved productivity.

~Str •' H.---ST.- “SL ‘.Pokes: ' of
Brockhonse' said in first quarter
of current year home company's
sales were running some 10 per
cent ahead, of the same period
last, year, . and all overseas
companies were showing a
healthy improvement. •

There had been a marked and
progressive advance in perfor-

mance generally, but clearly not
yet satisfactory.

Above all, be said, tfao com-
pany needed extra volume. U I
can promise that the half-year
situation will not be the disaster
we faced last year," he added.

Overseas operations of J. H-
Fenner and Co (Holdings) have
maintained their forward momen-
tum in the current year and
overall prospects look promising.

Looking further ahead, Mr
Joseph' Palmer, chairman of this
power transmission engineer,
said at the AGM that he was con-
fident steps taken to reshape and
streamline the group would
stand it in good stead for the
future.

In the opening months of the
current year, some modest
recovery had been apparent in
UK business, he slated, but it
had been less pronounced than
hoped for.

The main problem was the
inherent weakness in home
demand, and Mr Palmer believed
attainment of group targets
depended upon national

economic progress in the coming
months.

The slight upturn which had
so far been evident was cur-
rently 'threatened by potential
disruptions in important

industrial sectors which left the
position finely balanced, he said.

Restructuring of the group’s
operations was continuing in a
number of areas, be added.

As previously announced, Mr
Palmer retired as chairman after
the meeting and was succeeded
by Mr P. W. Barker.

At Dubilier trading in the first
four months of the current year
was in line with expectations and
the first half should be satis-
factory. Mr Ronald G. Hooker,
the chairman, said.

The level of order intake of
this manufacturer of electronic
components was higher

BASE LENDING RATES

A3Jf. Bank 14 %

Allied Irish Bank 14 %

American' Express Bk. 14 %
.Amro Bank

Henry Ahsbacher 14 %

Arbuthnot Latham ... 14 %
Associates Cap. Corp. IS %

Banco de Bilbao - 14 %

BCCI 14 %

' Bank -Hapoalim BM ....14

: Bank Leumi (.UK), pic 14 %
Bank of Cyprus ...... 14 %

Bank Street Sec. Ltd. 15J%

Bank of N.S.W. 14 %

Banque Beige Ltd. ... 14$ %
Banque du Rhone et de

Ja Tamise JS-A. 14i%

Barclays Bank . "14 %

Beneficial Trust Ltd. ... 15 %
Breinar Holdings Ltd. 15 %
Bristol is West Invest 15 %
Brit. Bank of Mid. East 14 %

I Brown Shipley 14$ %

Canada Perm’t Trust.. 14}%
Castle Court Trust Ltd. 144%
.Cavendish GMy.T’st Ltd. 154%

Cayzer Ltd. 14*%

Cedar Holdings 14 %

I Charterhouse Japhet .:. 144%

Choulartons 141%

Citibank Savings 714 %

Clydesdale Bank 14 %

C. E. Coates _. 14* %

Consolidated Credits... 14 %

Co-operative Bank *14 %

Gorin thian' Secs 14 %

The Cyprus Popular Bit 14 %

Duncan ■ Lawrie 14 %

EagB Trust - J4 %

E.T. Trust 14 %

Exeter Trust Ltd. ...... 15 %

First Nat Fin. Corp.... 17 %

. First Nat. Secs. Ltd. ... 17 %

Robert Fraser 14 %

Grindlays Bank 114 %

Guinness Mahon : 24 %

Hanabros Bank 14 %

Heritable & Gen. Trust 14 %

Hill Samuel §14 %

C. Boare & Co fl4 %

Hongkong & Shanghai 14 %
Knowsley & Co. Ltd.... 144%

Lloyds Bank 14 %

Mallinhall Limited ... 14 %
Edward Man son & Co. 15 %

Midland Bank 14 %

[Samuel Montagu 14 %

Morgan Grenfell 14 %

National Westminster 14 %
Norwich General Trust 14 %
P. S. Ref son & Co. ... 14 %
Roxburghe Guarantee 15 %

E. S. Schwab 14 %

Slavenburg's Bank ... 14 %
Standard Chartered ...1114 %

Trade Dev. Bank 14 %

Trustee Savings Bank 14 %

TCB Ltd 14 %

United Bank of Kuwait 14 %
Whi teaway Laid! aw ... 14J%
Williams & Glyn’s ... 14 %
Wintrust Secs. Ltd. ... 14 %

Yorkshire Bank 14 %

| Members ol the Accepting Houses
Committee.

7-day deposits 11.50%, 1 -month
11.75%. Short term EB.000/12
month 14.107,..

7-day deposits on sums of:— under
El 0.000 Cl 0.000 up to

£50,000 12»«%. £50,000 end over

12V*.

Cair deposits El .000 end over
11*2%.

21-dey deposits over ET.000 13%
Demand deposits 12%.

Mortgage base rate.

M. J. H. Nightingale & Co. Limited

27/28 Lovat Lane London EC3R 8EB

Telephone 01-621 1212

1901-82

High Low C ompany

J2J 100 ABI Hldgs. 10pc CU1S
75 82 Alrsprunfl -

51 33 Armitage 8 Rhoaea ...

205 187 Bardorr Hill

10* 77 Deborah Services

130- 97 Frank Hereof/

78 39 Frederick Parker

78 46 George Blair

102 93 IPC *■■■■

105 100 leie Conv. Pret

113 94 Jackson Group

ISO 106 James Burro ugh

334 250 Robert Jenkins ...

59 51 Seruuons ''A'-' —

222 154 T onlay 8 Carlisle

15 10 Twin lock Orff

80 66-Twfniock 15pc ULS — ..

44 27 Unllock Holdings

103 76 Walter Alexander

2B3 212 W. S. Yeats*-

Prices now available on Prestel page 48146.

Gross Ylflld
Prlca Change div.(p)

P/E

Fully
Actual taxed

121

__

10.0

6.3

—

—

70

_

4.7

6.7

11.1

15.4

44

- 1

4 3

9.8

3.7

8-3

204

9.7

4.8

9.9

12.1

77

6.0

7 8

3.8

7.2

129

+ 1

6.4

5.0

11.6

23.9

78

—

1.7

2.2

33.9

—

50

_

’ — —

—

—

36

7.3

7.8

6.9

10.4

105

—

15.7

15.0

—

—

94

- 1

7.0

7.4

3.0

6.7

112

__

8.7

7.8

B.2

10.3

252

+ 2

31 a

12.4

3.5

8.0

56

+ 1

6.3

9.5

8.6

8.0

184

10.7

6.5

5.3

9.8

13

—

—

76

_

16.0

18.7

—

—

3.0

11.1

4.8

8-2

75

6.4

8.5

43

8,7

210

+ 1

13.1

8.0

4.1

8.4

ladbroke index

Close 57M81 (+4)

THE THING HALL
USM INDEX

118-9 (unchanged
dose of business 5/2/83
BASE DATE 10/11/80 100
T«]j 01-638 1591

CONTRACTS

BSC wins platform order

A key series of forgings for a
new design of deep sea produc-
tion platform will be made by
BSC's River Don Works in
Sheffield. The con tract, worth
£6m, is for the supply of forg-
ings for a tension leg platform
to be placed in the North Sea
in 19S4 by Conoco. Production
of the 200 forgings, weighing
over 1,000 tonnes In total, has
been preceded by the manufac-
ture and testing of full-size test
pieces. The project is intended
for Conoco’s Hutton Field, which
uses long strings of forgings to
lie a floating platform firmly to
the seabed, and is itself a proto-
type designed to develop a
method of producing oil from
water depths loo great for plat-
forms of conventional design.
Each leg is composed of a string
of 13 forgings, 10 metres loog<
weighting 5 tonnes each. The
forgings are' hollow and treated
at each end. They will be forged
by Firth Brown and sub-
sequently machined and heat

treated in the River Don Works
where the order is expected to
provide about W jobs.

Stockton-on-Tees, firm, Harkers
Engineering, has placed orders
for two CNC machining centres,
valued at over £575,000, with
Scottish manufacturer. G HID-
INGS AND LEWIS -FRASER.

»*■

Barclays Life Assurance, one of
the companies within the
Barclays Unicorn Group, has
installed an I CL computer
system worth £750,000. The
computer is being used initially
to develop the Barclays Unicom
Group's own computer systems
using the PALM life assurance
administration system. Addi-
tionally, it will take over the
processing currently handled by
BARIC, the bureau jointly
owned by ICL and Barclays
Bank. The facilities manage-
ment contract for the operation
of the new computer has been
awarded to BARIC.

D. F. Bevan
results show
better trend

For the six months to
September 30 1981 P- F. Bevan
(Holdings) incurred a pre-tax
loss of £35.000. This compares
with a profit of £25,000 for the
same period of 19B0, but reflects
an improvement on the £156.000
deficit suffered In the second half
of 19S0-81.

The directors report that for
the rest of the current year,
management accounts indicate
that the first-half loss has already
been wiped out. and the year as
a whole Is expected to show a
profit.

They are cautiously optimistic
that the following 12 months to
end March 1983 will show a con-
tinuation of this encouraging
trend.

The interim dividend is un-
changed at 0-25p net per 5p
share— last year’s final was 0.6p.

The group’s activities include
non-ferrous metal trading, cart-
ing and general engineering,
steel stockholding and proces-
sing- '

21% increase
by Burmah SA
subsidiary

Quinton Hazel! Snperite, the
South African automotive parts
manufacturer which is an 81 per
cent -owned subsidiary of B unnob
Oil, increased pre-tax profit bv
20.8 per cent to R3.14m (£1.73m)
for 1981. In 1380 pre-tax profit
was R2.6m (£1.43m). Turnover
rose to R44m (£24. 18m) from
R41.7m (£22.91m).

- The annual figures mask a
change in the company’s recent
trading pattern in the second
half. Pre-tax profit of RL62m
(£0.89m) in the last eix months
of 1981 was 3 per cent lower
than in (he corresponding period
of 1980. -

A dividend of 8 cents has been
declared from earnings of
30.7 cents a share. In 1980 earn-
ings were 25.8 cents and the
dividend 6.5 cents. Quinton's
South African management has
no idea what Burmah plans to
do with the company except that
it eventually plans to divest
itself of ownership.

Are you getting the best out
of your investments?

Nowadays everybody with savings or capital has to become
their own financial manager. Awareness, both of how the
stockma rket works and the key factors for personal
investment, is crucial to success.

Investors Guide to
the Stock Market

2nd edition

By Gordon Cummings; best selling author on investment, pro-
vides the essential core of knowledge for those who manage
their personal capital and savings in the stockmarkeL.lt covers
the make-up of tne market, the way it operates and the techni-
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sk For the new or potential investor, it provides an introduction to the
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jfe Experienced investors will benefit from the vital information on
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tion from company reports; the advice on specialised aspects of stock
and share investments and the detailed treatment of tax.
jj; Businessmen, lecturers, students and those with a general interest
in stock exchange- investment will gain a valuable insight into the
background, structure and working of the stock market.

THE FINANCIAL TIMES BUSINESS PUBLISHING LIMITED

Trading in Options

An investors guide to making high profits in the traded options market

Geoffrey Chamberlain is a stockbroker who has been closely involved
in the traded options market since its inception in 1978. His book,
Ttsdfng in Options, highly praised m the financial press, is the first
comprehensive guide to the traded options market.

DmerlpdBa
the London Traded Oplioot Market id l 1
(real «u-»l to after rawry investor.

fofloned by i detailed pride for die investor to the bnjinc Jud teDing; ot both
ciMonc BiVin* practical adrice on the options to chime, tee tradnss Miausia to adopt and
tea pitfalls ro arettL The important subject of the lchuoh treatment ol nsded is also

covered rn detail. Foe the experienced tnrestor, not mole advanced and sophisticated
option atraieglea are expfeuittj.

PUBLISHED BYWOOPHEAP-FA li LKNER

SS8,S*S h “-

Fhn note pejinem mat aa.' t in pa nymdtg.Pri etg fn g bade portage and peddne-

■ — mnv/eaoieonfhKMiwiCrtdololheStnekMaHtMatffiJO. (21308)
Please teal me eopy/e«^<iraiirih^taeinOpiien*at00.7X (24301)

□ I enckoe my cheque value £ _pai»bfcraFTBiatoeaPta>li*hliig.

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ar^ U I I I I I I I T T TTTT TO ft

BLOCK CAP1TAL5 Ft CASE

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Company ' — —

Job title

Date

Nauue ofbnrinee * ■ -

Signed — ... ■

tilow ^ ^SM^U«^oibQoU.ltmT«ls on books remincdin perfect

B^AcamntrMidla nd Bank tuBKd,5 ( -nueadneedleSiitei,L«idmi£CR8BD.

Account No. 50957615. ■

APPOINTMENTS

John Waddington group changes

JOHN WADDINGTON is
making the following changes on
February 8: Mr Ken Lnnn —
assistant managing director John
Waddington, Mr Philip Brain —
managing director Plastona
(John Waddington) and Mr Jim
Leng— managing director Wad-
dingtons of Gateshead. Mr
David Perry will become
managing director John Wad-
dington on April 30. These
changes result from the retire-
ment of Mr Ted Bundle from
the managing directorship of
John Waddington. Mr Bundle
will remain on the board as a
nonexecutive director.

-if

Mr Robert J. Brown, divisional
civil engineer, Exeter, Western
Region of BRITISH RAIL, has
been appointed divisional civil
engineer (London). London
Midland Region. He succeeds
Mr C. W. Kendell who has
retired.

dr

Mr Kenneth W. Cunningham,
Mr David Gates and Mr James
L. Hildebrand have been named
managing directors of CON-
TINENTAL ILLINOIS. Each
had previously been a deputy
managing director. Executive
directors appointed were Mr
Robert K. Q. Stoughton and Mr
Philippe J. Trnffert, who had
previously been associate
directors. Mr William. Dewey
becomes an associate director of
CZL and Mr Peter Ackland, Mr
Robert Hrmmond and Mr
Michael Williamson were
appointed managers.

*

Mr Ian Park, who has been
managing director of the
LIVERPOOL DAILY POST AND
ECHO since 1972, will be leaving
the company towards the end of
this year. He is to join
ASSOCIATED NEWSPAPERS
GROUP where, as managing
director of Northctiffe News-
papers, be will be responsible
for that group's provincial pub-
lishing interests as successor to
Mr J. S. Walhvork, who will then
retire.

★

Mr A. J. R- Thomson, assistant-
general manager (staff) has
been appointed divisional
general manager (personnel) of
the BANK OF SCOTLAND.

*

Mr Simon Monnsey has been
appointed managing director of
HAYS BUSINESS SERVICES,

subsidiary of Hays Group
(formerly the Proprietors of
Hays Wharf). Mr Mouosey was
marketing director.

*

R. B. MACMILLAN has
appointed Mr John R. Blackton
chairman and Mr E R. Victor
Riley vice-chairman.

dc

GRATTAN has appointed Mr
Peter Francis Lomas to the board
as finance director on March 1.
Mr Lomas is the finance director
of John Collier Menswear.

★

CPC (UNITED KINGDOM)
has made the following changes:
Mr P. ML Ware has become
deputy chairman and has been

succeeded as managing director
by Mr* R. K. Moss.

Mr D. A. Gregory, CPC
Europe's senior vice-president
finance and Mr W. Leon, finance
director, have joined the board
while Mr F. Wood has retired.

"k

Mr Stanley J. Stanton has been
appointed joint managing direc-
tor Of CES SITE WELDING
(BIRMINGHAM) with responsi-
bilities for overall management
and future development He was
sales director of Beilis and
Marco m, an NEI-APE company.

Mr David Trethewey has been
appointed to the board of
CHARLES SHARPE AND CO-

mditeneriofl
GoinmuRties?,

Becaen ju think it it too rijky, too ampfioM « there is ho
Ruck mooe* it state? Da troth is not nwrij » frigtoung rt tt
appaa.

1lhatlteaport(^ wau d MB kmtbemwf«s.(kgBipcrtBeiiid
sepkhtkxted research, coopted witk oar protasfcnal racce and
Oexfliffit^iiedUteiiMfiridoaiimdsDlneq^pealiinKtDr,
whether Inge or seal, pMft m cwponte.

Ym are mlcene to ptne JUL Kpsim on 01-421 1638 end hm fl
friewUjrdnt on bw Hetaport cm be of smrke to joe.

PLANTATION HOUSE. MINCING LANE. LONDON. EC3M 3PP TELEX NO: 8812457

Pest toe MdNwtCoraniixIttleslM. PbnWioN House. MindnE lane,

UMidOB EC3M 3PP.

I would like to taw* mom ibwt jour jerace-tilrase fcxwwd to me (tick
lahrmatxin required)

\ (~~1 Ymr^iecalsefraa totfrewiestowisiraf (Dpwtof0tB*idiflWJ
small unreal of capital (miwnnm £1 ,500).

9 I YiXfffwtftnimif^ spensixKJwnii rtandrthuj with tire wirt nprf the
LJ comma% Bailstt. and ho* thq compare with otim rawtnrat Adds.
(Next Smniiar 18th Fd. 1982 it G pjn. it lirtfoitod Direct*}

Q Ftenwtot reports wtitA dm u todiptfi look atwtat is tepptniss
now and Italy hrtore trends in mnimodititt.

NAME;

. ADDRESS:

TEL HQ. MY:

EEE23n

EVENING:

FT S/2

The Winterbottom Energy Trust

Summary of Results far year to 30£h November

1981

Tbtal net assets at market value £2(^824,018

Ordinary shares:*

Asset value ; 78-5p

EarmngB 0-72p

Dividend 0-65p

■The 1SS0 Sfnraa turn b«ea Adlioated for the B £nr 1 dura rt>lit cm 7ti> April 1981

Geographical distribution of investments at
38th November 1981

United States of America

dannria ...........................................

United Kingdom

Australia

Europe

Mexico

Total investment portfolio

Deposits

Net cncrentsHeetB less iiabzlitzes

1980

£21,592,935
82 -3p

• 2-02p

2-OOp

%

83-1

40

5-7

3-0

2-7

0-2

98-7

1*0

0-3

100-0

Points from .the Annual Report
• During the year the proportion of
assets invested in oil and oil related
stocks rose from 41% to 100%. The net
asset value per share fell by 4-6%
between 30th November 1980 and 30th
November 1981 and rose by 7 -5%
between 31st January (the nearest
practicable date to 3rd Ptebruacy 1981, on
which shareholders gave their a p p r o val
.to the change of role) and 30th
November 1981. During these periods oil
shares in both the U.&A. and file UK.
under-performed the broad .market
indices, but the net asset value of the
Company did better than, the oil share
indices ofboth countries.

■ As predicted in the letter to
shareholders of 7th January 1981
earnings have fallen as a result of the
change of policy, and the directors
recommend A dividend for thd ear of
0.65p per share, compared with the
minimum forecast of 0.60p.

• The p rop o rtion of the portfolio
invested in oil service companies rose
to 42% at year end. North American
production companies amounted to 35%.
U.S. domestic integrated companies to
10%, international companies to 8%, and
Australian production companies to 3%.
The service holdings are concentrated
in companies which are technically
sophisticated and have strong positions
in their markets, and the production
holdings fttophasim reserves of natural
gas.

• D emand for oil worldwide was around
4% lower in 1981 than in 1980. It is likely
that this decHne will flatten out in 1982
and tighter crude ofl markets should
appear when destocking ends «nri econ-
omic activity revive a In the meantime
we do not expect weakness in the crucial
Saudi Arabian price, and oil and oil
aervica companies are selling at modest
vahlHtSnnaby t raditirmnl wtanderdB-

Baillie, Gifford & Co.

16

Coopames and Markets

Financial Times Saturday . February 6 1982

WORLD STOCK MARKETS

NEW YORK

Stock

Feb.

4

Stock

Feb.

4

Fob.

3

Stock

Fab.

4

ACF industries...' 353*

AMF.. : 23 1 6

AM Inti J 3 1 |

ARA 2 B

ASA.

40* 4
14 1 4
285a
21 t 8
21 %
17; 3
44 lj
Uba

AVXCorp

Abbot Labs.. . .

Acme Cl eve.,

Afldbo Oil &

Advanced Micro.
Aetna Life ft Gas

Ahmanson rH.F.j „

Air Prod & Chom; 33%

Akzona 10%

Albany Int. 257 B

Alberto Culv. I 14

Albertson's ' 26

Alcan Allminiumj 144
Alco Standard....' 18 %
Alexander ft AI...I 28
Alegheny IntU.. 27%

Allied Corp ■ 413a

Allied Stares .—..i 85
Allis- Chalmers ._] 137*
Alpha Porto _ j 134

Feb.

3

| 364
234
1 3%

I 264
' 39*4

! 14ij

: 28iB
, 22
! 22
; 185a
' 44Sg

; 3^

I 13t b
26
1936
183b
281*
27 3 a
42
245*
131 4
124

Alcoa

Amal. Sugar—

A max

Amdahl Corp......

Amerada Hess,...'

Am. Airlines '

Am. Brands..

Am. Broadcast's

Am. Can — '

Am. Cyanamid
Am. Elect. Powr.:

Am. Express

Am. Gen. Insnce.

Am. Hoist & DK...

Am. Home Prod..

Am. Hosp. Suppy 41 3a
Am. Medical Inti. 24«n

Am. Motors

Am. Ngt, Rescue

A m.Petfina

A m. Quasar Pet-

22
474
335*

257g

207 3
104
364
32%

304 < 305b
284 [ 283s
16i a | 164
42 Se I 42 h

22

474

34*4

26is

21

105b

364

32%

Columbia Gas 30
Columbia Pict..„ 594
Combined lnt,...j 214
Cambustn. Eng..' 33
Cm with. Edison ' 204
Comm. Satailte..; 644

Comp. Science... 14

Cone Mills. 29 4

Conn Gen. inn— 504

Conrac : 24

Cons. Edison - 334

Cons. Food8..—.i 514
Cons. Freight...! 354
Con. NaLGas-... | 474
Gonumer Power; 16%
Corrt. Air Lines... 37*

Conti. Corp ! 25»*

Conti. Group | 31

Corrt. Iliionis 1 344

CoirtL Telep, ' 157*

Control Data..— ■< 344

Cooper Inds I 45*4

. Coors Adolph I 10

i Copperweld j 36*4

Coming Glass.....; 44**
Cerroon Black—. 197*
Cox Broadcast's. 334

Crane 314

Crocker Nat ' 28%

Crown Cork— — : 27

Crown Zell 27%

Cummins Eng.-.; 33
Curti&s-Wright..., 384

Damon 74

304

59%

22

347*

204

64

144

2S3g

504
234
334
304
35
47**
165b
4
26
314
345*
16
34 E*

46

10

364

454

204

33%

314

28%

27

27%

334

38%

74

GL Atl. Pac.TeaJ 4
6t Basins Pet—! 34
Gtttthn. Nckoosa 34%

, Gt-WeetFlnanci.! 114

Greyhound I 15%

Grumman 1 25%

Gulf A Western..., 16%

Gulf Oil ! 30

Hall (FBI _i 267*

Halliburton { 44%

HammermlH Ppr! 284

Handieman I 14%

Hanna Mining— j 30%
Hareourt Brace- *5%
Harniscbfeger.— lor*

Harris Bancp 27%

Harris Corp — *•— 33%

Harsco 19

Hecia Mining..—! 114

Heinz(HJ) I 27

Heller mu.—, 18%

Hercules h I SO

Harsher - I 36%

Heubieln I 384

Hewlett Pkd. I 43

Hilton Hotels. j 384

Hitachi _i 594

Feb.

3

Stock

267*

53%

304

72%

9

184

39%
15%
36 1*

2%

344

55%

9%

Am. Standard,...!

Am. Stores

Am. Tel. & Tel

Amatek Inc. 1

Amfec.

AMP

Amstar

Amstead Inds.... .
Anchor Hocks—-
Anhewser-Bh .....

Areata.

Archer Daniels...:
Armeo

25%

274

57%

29

25%

484

23%

29

174

424

384

177*

24%

Armstrong CK....' 154

Asamcra Oil 10%

Asarco 22%

Ashland Oil 28

Assd D Goods- 284

Atlantic Rich 38%

Auto-Data Prg. i 25%

Avco 16%

Avery Inti 237*

39%

154

36%

414

244

a%

324

57

97*

254

275-

577 8

294

257*

485s

: 23 %

1 29%
171,

1 414

■ 384

: i?7e

i 24%

■ IS
10 %
23%
274
284

i 38%
25%

■ 17

! 257*

■ * I 1 ■

Dana 267* i 8654

Dart & Kraft. ' 60

Data Gen 52%

Dayton-Hudson 287*

Deere 34%

Delta Air. 254

Denny's 29%

50

53%

28%

334

|8%

30

Avnet ‘ 444 j 444

Avon Prod , 284 i 29 4

Baker Inti < 33*, > 32t*

Bait. Gas ft El : 23 r* ; 23%

BanculTrist 25% ■ 254

Bangor Punta —i 184 1 181 *
Bank America... * 18i 4 ■ 184

Bank of N.Y . 40 1 40

Bankers Tst.N.Y. 33% ' 33%

Barry Wright I 17 . 16%

Bausch & Lornb..' 48% i 494
BaxtTravLob....; 34 ; 334

Beatrice Foods... 174 : 17%
Beckman Instr.J 45% 464

Beker Inds 1 74 > 7%

Bell A Howell ! 19% , 19%

Bell Industries 16% 17

Bendix J 53% 1 531*

Beneficial I 174 I 174

Beth Steel 214 ' 21

Big Thee Inds-../ 23 I 234
Black A Decker. 144 143,

Block HR 374 i 374

Blue Bell 21% 207*

Boeing 204 ' 204

Boise Cascade ... 31 ; 31

Borden 297* ; 294

Borg Warner 264 26i*

Braniff Inti 24 ; 2%

Briggs Strain 257* 264

Bristol-Myers 55 554

BP 215* 22

Brockway Glass. 15% 134

Brown Forman B 314 31%

Brown Grp 27% 1 27%

Brown & Sharp _ 18 18

Browng Ferris....| 33 I 34%
Brunswick : 264 | £6%

Bucyrus-Erie | 19% > 19%

Burlington Ind ..1 221* j 22%
Burlington Nrthn; *"‘

Bumdy

Burroughs |

CBI inds.

CPC Inti I 384'

CSX- , 544 ;

Campbell Red Li 12 !

Campbell Soup .. .1 334 i
Campbell Tagg... 197* ,

Canal Randolph-, 26% I

Can. Pacific > 304 :

Carlisle Corp : 284 j

Carnation 27% ,

Carp Tech \ 364 I

Don ta ply Inti 17 | 174

Detroit Edison.... 114 - 114

Diamond Inti 36% | 37

Diamond Shank- 25 : 254

DIGlorgio 8% ■ 8%

Digital Equip 864 i 674

Dillingham 11% j 114

Dillon 21% 207a

Disney iWaltj 494 494

Dome Mines- 14% 14

Donnelly iRRi 404 *14

Dover Corp 29% 29%

Dow Chemical.... 93% 24

Dow Jonas. 45% 454

Dresser 254 25%

Dr. Pepper. 134 13

Duke Power— 214 21 1«

Dun A Brad 637* 64%

DuPont 357* 35%

EG AG — . 17% 184

Easco ! 19% I 19%

Eastern Airlines.! 34 I 54
Eastern Gas A F 22% I 234
Eastman Kodak.! 744 • 72%

Eaton ' 287* ! 283,

Echlln Mfg 10% l 114

Eckherd Jack—.' 19% } 194
Electronic Data.' 21% ; 22
Elect. Memories 3% ; 34

El Paso 27 ; 274

Emerson Elect... 45 427*

Emery Air Fot-j 114 ' 114

Emhart 334 i *3%

En elhard Corp.- 227s j 22%

Holiday Inns .

Holiy Sugar j

Homestaka

Honeywell— I

Hoover

Hoover Univ—.l

Hormel Geo. ! 17%

Hospital Corp-— 354
Household Inti...! 164
Houston Inds. - J 18%
Houston Nt Gas-; 584
Hudson Bay Megi 17

Hughes Tool i 33

Humana^ — I 224

Husky Oil)- ' 6%

Hutton (EF)~ 1 34%

iCInds- 524

INACorp—

III Int '

Ideal Basle Ind...

ideal Toy- -

ICi ADR.

Imp Corp Amer...;

INCO. :

Ingaraol Rand-—.

Inland Steel-

Intel 1

inter First Corp— j

45%

13

197*

I s *

6%

84

4

3%

34%

11 %

16%

25%

16

30

26%

437*

27%

146*

29%

16

11

27%

33%

187*

27%

18%

204

36%

374

43%

38%

597*

25%

524

29%

72%

9

18%

274

33%

16

1ST*

38%

18

314

23%

7

354
314
454
13
20
74
6%
77 a

Feb.

4

Interlake i 33

Inter North ’ 25%

IBM ! 634

154 1 15%
534 • 53%
21% ; 214
24% 1 254
274 | 274

Inti. Flavours. ! 19

Inti. Harvester....! 7%
IntJncoma PropJ 9

lirt-Paper... j 55%

Int. Rectifier. 11

Int Tel A Tel. 1 284

Irving Bank- • 44%

James (FS). : 22%

JefTn-Pllot— 254

1 Jewel Cos ! 33i*

Jim Walter. J 18%

Johnson Cnitr— .1 24%

Johnson A Jns ' 37

Johnthan Logans 124

JoyMnf ..I 33

ICMart I 64

Kaiser Alum- j 14%

Kaiser Steel- ! 48%

Enserch 1 £ 07 * 1 214

Envirotech 15% ; 154

EsmarK

Ethyl i

Evans Prods.

Ex Cell O

Exxon

FMC. I 247*

Faberge 1 14%

Fodders

Federal Co

Federal-Mogul...!

Fed. Nat Mort....

Fed. Paper Brd...;

Fed. Resources- 1
Fed. Dep. Stores 374
ReldcrestMI.—.| 234

FlreBtone J 11%

1st Bank System! 324
1st Charter Fin-: 9

457*

20

154

21

29

3%

22

184

7%

267*

1%

46

204

15),

207*

294

24%

15%

2I4

18%

271*

1%

37%

23%

124

324

94

10 %

24

33%

36%

224

62%

34

Kaneb Services..! 19%
Kaufman Brd—... 104

Kay Corp

Kellogg -

Kan nametal.. . .

Kerr- McGee :

Kidde - -

Kimberley-dark.

King's Dept St... i
Knight Rdr. Nws' 294

Koppers.- 154

Kroehler. • 84

Kroger.... l 264

LTV ; 174

Lanier Bus. Prod; 20

Lear-Slegler. 26%

Leaseway Trans.! 264

Lenox- 354

49%

184

327*

374

451,

Carter Hawley...

Caterpillar

Celanese Corp ...

Centex

Central A Sw

Central Soya

Central Tel Util...
Certain-teed „ ....
Cessna Aircraft.!
Champ Home Bid

Champ Int

Champ Sp Plug-

Charter Co

ChaseManhatt'n

Chemical NY

Cheese Pond.
Chicago Pneum-j

Chrysler

Chubb..

Cincinnati MIL...

Citicorp

Cities Service

City Invest

Clark Equipment
deve Cliffs Iron.

Corox

duett Peaby

Coca Cola.

Colgate Palm

Collins Aikman .,.1
Colt Inds I

13%

53

53

24%

141*

11 %

294

11

194

24

17

7%

8%

57%

49

33

19

44

454

23%

24%

35%

S3

25%

29%

11 %

194

317*

17%

li%

244

50

184

324

371*

454

37%

551;

11 %

337*

20

26%

30%

29

28%

36%

14

Si-

s'

11 %

294

11

19%
24
17%
74
8 %
87 4
4a%
32%
19

44

45%

23%

25

36%

22%

264

29 4

114

164

31%

17%

114

24%

1st Chicago J 177*

1st City BankTaxl 307*

1st Interstate 313,

1st Mississippi—. 124
1st Nat Boston- 41

1st Penn 27*

Fisons - : 4%

Fleetwood Ent... 127*

Flexi-van j 18

Florida Pwr A L.| IB

Ford Motor 184

Foremost Mek.... 35%
Foster Wheeler..; 144
Freeport MeM. J 187*

Fruehauf 194

GAF._ _ , 124

GATX— j 31%

Gannet

Gelco ,

Gen Am Invest ...

Gen Cinema

Gen Dynamics...

Gen Electric

Gen Foods

Gen Instrument^ 38%

Gen Mills

Gen Motors |

Gen Pub Utlllti

Gen Blgnal.

Gen Telep Elec. J

Gen Tire

uenesco

Genuine Parts—.

Georgia Pac.

Geosource

Gertoes Prod...

Getty Oil—

Glddlns Lewis,...

Gillette

Global Marine...
Goodrich (BR.„
Goodyear Tire...

Gould

Grace

Grainger (WW)„

33

174

164

36

854

62%

504

34%

377*

5%

364

294

20%

6

32%

m*

424

263,

87

19%

334

174

19%

19%

22

45

364

17%

31

31%

127*

4 i*

12 %

177*

29

17%

36%

14%

18%

194

12 %

317*

33%

174

164

364

26

62

301*

394

34%

37%

5s*

364

2BT*

204

57*

534

18

427*

26%

571*

19%

33%

17%

20

20

217*

43%

36

Levi Strauss— j

Levitz Fumtr

Ubby Owens Fd.

Lilly (Elll.

Lincoln Nat- — ,.
Litton Inds.—. —

Lockheed—

Loews
Lone Star inds ...
Longs Drug Strs.
Louisiana Land -
Louisiana Pac ....

Lowenstein -

Lubrizol-

Lucky Strs.

MfA Com. Inc-...|

MCA -

MacMillan -

Mac

MfcrsyHanover-.l
Manville Corp-...

Mapco

Marathon Oil

Marine Mid

Marriott ....

Marsh McLenn.-
Marshall Field
Martin Mtta..
Maryland Cup—

Masco

Massey- Feran— .
Mass MultLCorp

Mattel

May DepL Strs—

27%

33

234

564

414

644

53%

81%

247*

26

30%

18%

27%

237*

46%

15%

531*

334

15%

30

73%

24

II 5 *

Si

33 •
34 %

17*

17%

13%

24

32%

264

624

194

74

9

35)*

10%

28%

46%

22%

254

33

18%

244

365,

124

33

16%

14%

44%

20

10

10%

23%

344

357*

22%

63%

3

291*

15%

77,

Z 64

174

20

27%

274

53

28

32

234

574

41%

554

524

824

SSI*

26%

30%

184

26

224

13

24

484

154

53

334

15%

30%

3-

38

51

21

304

33

354

IT,

171*

13%

237,

MCM

Metromedia — ...
Milton Bradley-
Minnesota MM. —

Missouri Pac

Mobil

Modern Marchg.
Mohasco ,

Monarch MfT

Monsanto

Moore MeCmrk-J
Morgan (JPj

Motorola -

Munsingwear •—
Murphy (GO ..-.j

Murphy Oil

Nabisco' Brands.
Nalco Chem

Napoo Industries

Nat can. .

i Nat Detroit—..
Nat Dist Chem.
Nat Gypsum .....

I Nat Medical En
1 Nat Semicductr.
Nat Servloe Ind.
Nat Standard — .

! Nat Steel

Naiomas.

NCNB

NCR.

*ew England EL
NY state E AG..

NY Times-

Newmont Mining
Niap. Mobawfc,-

NICOR Inc

! Nielsen (AO A —
NL Industries—
|NLT

Norfolk A Westn
Nth. Am. Coal...
Nth. Am.f Phinps
Nthn. State Pwr.
Northgate Exp... 1

Northrop

NWest Airlines...
NWest Bancorp-

Nwest Inds

N westn Mutual-
Nwest Steel w...

Norton ;

Norton Simon ....
Occidental Pet-
Ocean Drill Exp.

Ogden

Ogihry A Mrth. -.
Ohio Edison

Olin -

Omark.

Oneck— |

6%
177
194
65%
724
217*
9l a
11>8
18
877*
25%
54%
55%
14%
144
25
32%
49%

101*

217,

234

22%

214

16%

19%

234

144

244

21

15

42%

24%

14%

33%

37%

a*

33

244

50 T,

234

354

247*

41*

49%

25

23

75

104

22%

39

19%

22

244

254

30%

12%

20%

163,

27%

Fob.

S

Stock

Feb.

4

Outboard Marine' 204
Overseas Ship....! IS
Owens-Coming..! 21

Owens-Illinois ' 27%

PHH Group J 21

PPG Inds j 334

Pabst Brewing! 137s

pao. Gas A Elect! 21%

Pac. Lighting | 23%

Pac..Lumbor„ | 24

Pac.Tel.ATeL... 184

Palm Beach 22

Pan. Am. Air. 2%

Pan. Hand Pipe.. 31%
Parker Drilling... 17i*
Parker Hanfn— 104

Peabody Inti 64

Penn Central 244

Penney (JC>- ; 304

Pennzoll 424

Peoples Energy l

PepsiCo

Perkin Elmer [

Petrie Stores

Petrolano

Pfizer

Phelps Dodge
Phila Elect ......

7%

364

261*

24%

14%

55

30

13%

Philbro ; 26%

Philip Morris ......

Phillips Pet

Pillsbury

Pioneer Corp

Pltney-Bowes ...

Pittston 1

Planning Res'ch

PI assay

Polaroid —

Potlatch

Prentice Hall

Procter Gamble.

Pub. Serv. E A 0.
Pub. S. Indiana...

Purex-

Puro later

Quaker Oats

Quanex -

Questor

RCA

Raison Purina—.

Ramada inns

Rank Org. ADR..

Raytheon —

Reading Bates ...
Redman Inds-...

Reeves Bros

Reichhold Chem

Republic Steel...'
Rep of Texas.....
Reach Cottrell...

Resort InU A

Reveo (DS)

Revere Copper ..

Revlon

Rexnord

Reynolds (RJ)

Reynolds Mds....

Rite Aid

Roadway Exp*..
Robbins (AH>...._
Rochester Gas...
Rockwell Inti— j

Rohm A Haas

Rollins -

Maytag j 24

McCulloch 1 137*

McDermott (JR) J 314

McDonalds. 62%

McDonnell Doug 30%
MeGraw Edison- 524

McGraw-Hill. 494

McLean Trukg ... 14

Mead 21%

Madia Genl+ — 36

Medtronic 37

Mellon Nati 364

Melville 394

Mercantile Sts ._ 564

Merck .... 63

Meredith.... 59

Merrill Lynch 33%

23%

13%

324

62%

304

327*

60

87,

814

357*

36%

357*

404

65%

83%

59

33%

Rolm ...

Roper Corp — ...

Rowan

Royal Crown .

Royal Dutch

Rubbermaid .
Ryan Homes .
Ryder System—
SFN Companii
I SPS TechnoTgiesj
[Sabine Corp-.

'Safeco

Safeway Stores ..

St Paul Cos- |

SL Regis Paper..

Santo Fe Inds

| Saul Invest

Saxon Indus

Sobering Plough.

47

364

39%

25%

22

124

7%

69

20%

25

244

845,

18%

91%

S7%

26%

364

8 ig

19

11%

5%

34

35%

19%

117*

65%

11%

234

324

12%

16

24

134

314

134

45

19%

284

324

124

13

304

56

I 64

347,
11%
134
114
3t%
36%
171 ,
27%
19%
21%
34%
39%
26%
51
29
i7%
74
44
29%

64
1764
194
564
74
22
9%
107,
1B4

664

254

64%

564

145,

154

25

92

49%

16%

217,

834

22 %

21 %

16%

194

23%

144

844

204

147*

427*

254

14%

33%

387*

12 %

31%

43%

29%

237*

51
241*
36
247,

44
49%
24%
227*
74
10

III?

2! 7 ‘
84%
25%
30%
12 %
214
167*
277*

19%
IS
204
274
214
334
134
21 %
23%
23%

18%
21 %
2 %
33
17%
19
64
247*
30 1*
424

6
37
26%
244
I 64
54%
304
13%
26
464
354
39%
25%
221 *
224
7 .
69
20 ;,
254
23%
844

19

21 %

277,

27

36

14%

94

18

ilT,

67*

34

354

194

114

554

11

234

324

127*

181*

24

13%

314

13%

45%

19%

p.

11 -

504

66

I 64

Feb.

, Schlitz Byew J -.1 134 134

Schlumbeger — J 60 I 48%

SCM ; 207* *| 21

Scott Paper. > 16% 164

Scudder Duo V .. 124 ' If 4

Seacon ■ 21 j 21

Seagram 52% 1 527*
Sealed Power—i 504 i 30 ‘0

, Saarle (GDI 31 > 31

Sears Roebuck-.' *6% if 5 *
Security Pac — 36% ! 364

Sod co J 26 I 86),

Shell Oil j 37% \ 38%

Shell Trans 27% 1 884

Sherwln-Wm* — 184 ' 1|4

Signal J 257* | 264

Signode — . — ! 374 I S 63 *

Simplicity Patt_. 94 94

Singer — — 13% 13%

Skyline - !3% 13%

Smith Inti 357* 36%

smith Kline 627* 63%

Sonesta Inti . — 19% 10%

Sony *64 164

Southeast Banka 16 16%

Sth. Cal. Edison- 294 287*

. Southern Co. 117a 11%

Sthn. Nat Res.... 26% 27%

Sthn. N. Eng. TeL «4 48%

SthnPacIfio 35 j, j 36%

Sthn. Railway-.. 93 4 93

! Southland 284 I 384

I SW Bancshares- 29 ; 28%

Sperry Corp ...... j 324 98%

Spring Wills | 86% j 26

I Square D -...; 85% t 26%

Squibb.. 304 30%

Std. Brands Paint; 20% I 21%

Slightly higher on Wall St

SLIGHTLY HIGHER levels THE AMERICAN SE Market drifted lower with investors wary caused some nervousness on th*
developed in relatively quiet Value Index shed 0.18 to 2SiS2, about the potential liquidation Exchange floor.--; _ . -

trading on Wall Street yesterday, making a fall of lOAtm on the of margin bujnng^ positions,^ a - If such a measure is decided

Std Oil CJifornla. 33%
, Std Oil Indiana—! 414
Std Oil Ohio-......; 34%

Stanley Wks 1 167*

Stauffer Chem ... 207,

Sterling Drug 23

Steven* (JP)

Stokoty Van K....

1 Storage Tech. ..j

Sun Co

Sundatrand

Superior Oil ' 334

Super Val Strs— 16%

Syntex 66S,

TRW— 504

| Taft 31

1 Tampax. ] 324

18

337,

304

384

384

331,

42%

344

163,

21

227*

16%

327*

301*

37

38
331,
174
66%
90%
32
317,

I Tandy J 347, | 347,

Teledyne J133 ilSl

Tektronix. 1 494 49%

! Tenneco — _( 29% 297,

, Tesora Pet ! 237* 224

Texaoo ; 304 29%

1 Texas Comm. Bki 37% 38%

Texas Eastern—! 441, 45%

I Texas Gas Tm 28% 30

Texas lnstr'm'ts.1 79% 801*

[ Texas Oil A Gas..! 29% 29%

, Texas Utilities.... 19% 20

Textron “ j 24% 244

I Thermo Electro.. 204 ' 204
I Thomas Betts....! 52% 534

Tidewater Sir* I 314

! Tiger inti 8% 1 8%

1 Time Inc. 34% ! 35

Times Mirror 464 48

Timken I 594 ' 594

Tipperary-. ' 147, 13 %

Tonka— J 2V, 25 %

Total Pet. ' 11 % 1 It*

Trane I 26% I 264

Tran earner ioa .. J 22 ! 22%

1 Transway- I 21% [ 21%

I Trans World I 16% 16%

Travelers- j 46% 464

Tricentrol ...\ 8% | a%

while investors awaited the latest
Money Supply figures to be
released after the close.

By 1 pm the Dow Jones Indus-
trial Averake was up 2.67 at
S49.70, reducing its fall on the
week to 2L40, while the NYSE
All Common Index, at S67.57, rose
27 cents on the day but was still
down 53.82 on the week. Advances
led declines by about seven-to-five
In a volume of 36.76m (36.14m)
shares.

Analysts said the market con-
tinued to focus on the Money
Supply figures, with M-l gener-
ally expected to show a decline
for the week of January 27. They
noted the market hopes the
figures will provide further clues
about the outlook for interest
rates.

The market is particularly con-
cerned about the Money Supply
figures because of fears that the
Federal Reserve could tighten
monetary policy further to stem
the recent strong money growth.

News that U.S. unemployment
declined to 8.5 per cent in
January from a revised SLS per
cent in December had little
impact, even though it was un-
expected.

Airline stocks were prominent
on the active list Delta gained
$11 to S26i, Trans World Sl< to
S18| and American SI to $11$.
DAD were up Sll to S17J. •

Volume leader Union Pacific
fell $2£ to S41 — a block of 126,000
shares traded at S4H and another
block of 105,000 at S404.

Among other active issues,
Colgate-Palmolive rose S3 to 318^
and RCA added SI at $19*.

Reeves Brothers jumped SS to
S63} after a trading halt — Thurs-
day it agreed to a leveraged buy-
out at S70 a share.

Brunswick Corporation were
down SI to $25! — ■Whittaker Cor-
poration said it received more
than 14m Brunswick shares under
a tender offer.

Closing Priees for North
America were not available
for this edition.

week. Volume 3.04m (2.55m)

shares.

Gulf Canada, the most active
stock, eased Sj to Sll*.

Canada

Markets were up marginally
at mid-session, with Mining
issues filming hut Oils lost
ground.

The Toronto Composite hides
rose 2.0 to 1.730.0.

Turbo Resources finned 20
cents to $3.05 — it is involved
with Bankeno Mines in an offer
for the minority shares remain-
in in tferland Explorations.

Canadian Pacifie Enterprises
shed Sf to $17 — it said its
fourth quarter earnings were
sharply lower in the fourth
quarter and for the year.

Hi ram Walker held unchanged
at S16 — it may go to Court
over its Davis Oil purchase. .

Australia

- Markets mounted a strong
resistance to the technically
depressing effect of rising local
and U.S. interest rates, and most
Blue-Chips made small gains.

BHP further improved 8 cents
to SA9.16 and HIM recorded its
third consecutive rise picking up
6 cents to SA3J8.

Central Norseman rose 20
cents to SA5.70 and Renison 5
cents to SA3.90, but GMK and
Poseidon each showed losses.

In Banks, ANZ put on 10 cents
to SAA25.

Among Oils. Claremont rose
9 cents to SA1.49 but Vamgas
lost 10 cents to SA10.30.

of margin buying positions, a

large volume of which fall due the authorities will - have tv
next week. ;"•'■■■ institute- new ~ incentives tm

Dealers are becoming cautious- stock puri*ase< - analysts sfiap
about the recent yen fall since Advances matched declftws-
the downtrend would encourage- in ■ the - French' -section ■■••S-'
Japanese exports, worsening gains predominated by 3S-hH7 *
trade conflicts with Western in the International. se&iotL^
partners, stock analysts said- Portfolios, Motors, Electricals
Light Electricals, Precisions, ^Metals and Oils mostly fell to* '
Motors and “Large" Gapitals -while Foqds and . themiS
closed easy. ' . ■ showed promise.- i -- ■ • • •>■"

Blcoh lost Y23 to 637 on . -L’Oreal adVaheedT ^rs ^
reports that group consolidated 86S after reporting its 19®
mcome is likely to be trimmed " earnings rose 25 per cent -Ala?
by business losses in Ricoh making good

Watch Company.

Singapore

- Share prices edged higher in'
uninspiring trading. The
Straits Times Industrial Index
rose nearly 6 points to 7S&96.
reducing its- loss on the week to
1L3L- * : *’

Brokers presented a range of -
reasons for the markers stag-
nation -including erratic per- -
fonnances by overseas markets
and the uncertain direction of
U.S. interest rates. Locally,
elections in Malaysia and -earn-
ings news left some investors on
the sidelines.

Tins were steady to higher,
with MJSC rising 6 cents to
SS3.62.

were

per.
progress

Locafrance, PeuhOet, ...

Generale d’Entreptise* . Leroys
Somer. Sanlnes, Bcllen, Donfns.-
Mteg and PeBarrojsa.. ' ..

, East Rand fell: . bade- among
generally better GbH" Mines md :
was the only failer worthy of
note in the ..International
section. - ■'

Germany

Hong Kong

Tokyo

Share prices fell in thin trad-
ing, with caution evident because
of uncertainty about LLS. interest
rates and the trend of the
yen/doUar rate. The Market
Average lost 32.S2 to 7,801.88 on
thin volume of 260m (230m)
shares:

Market leaders and populars
opened higher in response to a
yen recovery. But they- soon

Stock prices rebounded
slightly in the afternoon to close
mixed to tower in another quiet
session. The Hang Seng Index
shed 2.68 to 1^65.70 on com-
bined turnover of HK$ 129.76m
(HK$18L62m).

The market was nervous in-
advance of the announcement of
U.S- money supply figures.
Interest rate cocsiderations stiU
dominate the- market

Paris

French stock prices showed no
clear trend at the end of active
trading. . Reports .that -'the-
Gov eminent is -. considering
abolishing the 1 50 per ceiat Tax
Credit on ..stock ^.dividends

/Most shares r dosed. steady in
quiet pre-weekend trading as .
investors held to the sidelines
after this week's cautious price
advances. . But ; the ; undertime^
remained positive^ . . . ^

Banks were narrowly ' mixed,-! !
while' in Motors, Daimler, . BMWfy
and VW each firmed.- -ggz

Steels were again firm. Hbestitr
which will form a joint company
with -.Kmpp Stahl, held tm.,.
Changed. at. DM 25150. .

In Engineering MAN. inoved.--
np DM a4 -to 196 .— it expects :
to pay a reasonable dividend on
198.1-82 results and also azh-
nounced. a: one-for-five Rig3bts r -^
Issue after the.' close. ...

PqbliC Authority Loans. were . =
active and ended broadly firmer, _
with gains averaging. DM 035. ‘
The -Bundesbank sold: DM SSJul -
of stock, while the new Pederal
Post Office one btihon marie 9|
per cent Loan- was reported In'
demand. •" ■ ^ .' r~ ' ■ ^

Mark. Eurobonds were up to 4 ~ -
point^ higher with' the. market V-
especting a" DM 50m -private. 4’
placement for Tauernautobaha 7
later yesterday.

CANADA

stock

Feb.

4

Feb.

3

Tri Continental...) 184 1 184
Triton Energy^... 13 ! 134

, Tyler 204 ' 204

1 UAL 157* 164

UMC Indio. I 9 1 8%

Unilever N.V. j 614 > 604

Union Camp 1 474 i 46%

Union Carbide,...! 44 s * I 454

union Oil Cal

Union Paciric.. '

Uniroyal |

Untd Brands

Utd. Energy Rn*.

US Fidelity G.

US Gypsum

US Homa..._

US Inds —

US Shoe

US Steel

US Surgical

US Tobacco-

US Trust ,

Utd. TeohnoIgs.J
Utd. TelecommsJ
Upjohn

VaiianT Assocs.." .
Vemltron 4

Sir*

434

6%

10%

33
41%
314
11%

8%

274

244

15%

464

34
35%
194

547,

36

284 .
10% (

347*

11%

14%

147*

317,

564

17%

97%

19%

214

34%

39%

287*

28

174

7%

4%

294

Virginia EP ! 12

Vulcan Matrls.... 47
Walker (HI Re«„ 134
Wal-Mart Stores. 434

Warn *co ..... 25%

Warner Comma.. 62%
Warner-Lambt ... 21%
Washington Post 29

Waste Man gt 31%

Weis Mkts 38%

Wells Fargo 247,

W.point Peppi.... 234
Western Airlines! 6
Westn. Nth. Amr. 15%
Westinghouse,... 254

Weetvace 22

Weyerhaeuser....! 254

Wheelabratr F ..J
Wheeling Pitts...

Whirlpool

White Consottd..

Whittaker

Wlckee

Williams Co _j

, Winn-Dixie Str.

Winnebago

Wise Elec Power

Woolworth

Wrlgley

wyiy

Xerox

Yellow Frt Sys _

Zapata ...

. Zenith Radio

364

30

26

25

304

8

284

3Z4

44

28

17

38%

a

394

154

294

14%

32%

444

6%

10%

33%

41%

I!"

24

16

46%

33%

36%

19%

55%

36

28%

10%

12

47%

13%

434

25%

61%

22%

294

31%

38%

247*

24%

4%

I 64

251*

82

25%

36%

297*

294

25

307,

8%

294

32%

44

27%

17

33%

Bl*

394

154

255s

187,

AMCAIntl !

Abitibi

Agnlco Eagle '

Alcan Alumin

Algoma Steel

Asbestos

Bk. Montreal

Bk. Nova Scotia.
Basic Resources 1

Bell Canada. :

Bow Valley

1 BP Canada.

Brasoan A. J

Brin co

B.C. Forest

| CIL Inc.

CadlllacFalrviewi

Camflo Mines [

Can Cement. ;

Can N W Lands—

Can Packers. |

Can Trusco
Can imp Bank....

20

22

74

23%

154

327,-

24

4.40

177*

164

23%

204

5.50

11%

28%

94

17

10%

28%

32%

267*

Can Pacific 37

Can P. Ent....

Can Tlra. — ' 324

Chieftain J

Cominco-

Cons Bathst A...J
ConL Bk. Canada

Costain —

Daon Devef

Denison Mines ...[
Dome Mines j

Dome Petroleum
Dom Foundries A

Dom Stores^

Domtar _...

FalconNIcVtl

Genstar^..,,

Gt-WestUfa.. |

Gulf Canada.

Gulf st ream Res...
Hawk Sid. Can....,

20 %
22 %
67,
23 >4
404
IS 4
251,
237,

4.45

177*

16%

24%

20 %

5.50

114

29

94

17

10 %

28%

32%

274

37

174

324

20%

51

18%

7%

8%

4.65

28%

16%

11 J 114
36% I 37
' ' 1 15%
20 %
66
20 %
241
14%

BELGIUM [ continued)

Feb. 5

Price

Frs.

+ 01

17%

20 '
50% •
17% |
7

84
4,70
28%
17 1

15%

204

65

20%

241

144

5.00

114

Petrofina.

4.665; -r25

Royal e Beige

4.85C

—70

Soc. Gen. Banq...

2.6001 +10

Soc.Gen. Beige..

1.376) -4

Sofina

5,30C

+ 50

8olvay~

2,165

+ 15

Tract on Elects.

2,525

+ 50

UCB-

1.650

Union Minlere~_

75C

-4

VI elite Mont.

1.482' -18

DENMARK

.Feb. 5

Price

+ or

S

Andelsbanken

125

Baltica Skand

363.4; +9.4

CopHandelsbanlc

138

D. Sukkerfab

362

+0.8

Danske Bank. —

138

East Asiatic

1284

+ 1.6

For ends Berygg.

633

+ 13

Forenede Damp.

4394

+04

GNTHIdg_

272.4

-3.6

Jyake Bank.

183

Nord KabeL

149.4

—3.6

Novo Ind..^..™.™:

1,490

+25

Paplrfabrikker^.

90

-2.4

Privatbanken_...

138

Provinsbartken...

130

Smidth (R)

26S

+4

S. Berendsen ]

490

-3

Superfos .....

121

-1

FRANCE

Feb. 5 *

Price j

+ or

1

Fra. j

Holfinger Argus-.j

Hudson Bay Mng 20%

Hudson's Bay 194

do. Oil A Gas... 48%

Husky Oil 77*

Imasco — 40

ImpOilA 22%

Inco 161 *

Ind al 14

inter. Pipe— 14%

264

5.12

114

284

21

20

48%

84

384

22%

161*

14

14%

7%

26%

37%

74

Indices

NEW YORK

eindustr 1 %
H'me Bnds.
Transport..
Utilities .....

Feb.

4

I847.M,

56.41

j3HAsj

108.B2

TradlngVol

ooo-t 55, am

-DOW JONES

FBb.

3

Feb.

2

Feb.

1

845.05! 8G2.G5l8B1.68

66.69

107.811 107.51

66.80

Jan.

29

871.10.

57.00

SG5.G6I 356.68! 360.63j3M.l4!

106.RI|107.G1

Jan.

28

1981-82 ] Since CmpU'fn

1884 J !8

66.39

High

Low | High j -Low

1024.06
(27/4)
66.78

, (16/4)
UN.68j 117.61

(5/1181)

1051.70 I 41.22

4S.5S0 46,020; 47,720,73,480 66,680 —

824.0!

C» »9)

54.90
( 1 / 10 )

556.43
(26/9)

101.28
(28/9).

_ ! _ 1 _

1

HIM 1ZJ3

IBS. 52 10A

♦Day’s high 852.74. low 835.71.

ind. div. yield X

Jan. 29

6.35

Jan. 22 Jan. 15 Year ago (approx)

6.55

8.62

S.7S

STANDARD AND POORS

Indust’!*....

Feb.

4

129.941

Composite 116.4!

Feb.

3

129.94

110.4B

Feb.

2

Feb,

1

13T,Boj 151J8,
118.0l! 117.781

Jan.

29

134.61

120.40J

Jan. 1 -

28 i

1961-88

High

,132.9a 157.02
I (B/1(81)|
T18J2J 158.12

1 ( 8 /i/an

Low

T2S.93
(2G(«)

112.77
(25/6) 1(28/11

[Since Cmpllfn

High

LOW

169.98 | 532
(28/11/ W(G0/6/62)
140^2 4.492

(1/8/52

Ind. div. yield %

Feb. 3 1 Jan, 27 : Jan, 20 ; Year ago (approx)

5.64

5.67

Ind. P/E Ratio

7.86

7.81

Long Gov. Bond yield

: 14.16 ;

NY. 5.E. ALL COMMON

1981

-82

4 ! 3 | 2 1|

High

LOW

67.50 67.41 68.1768.01

• ll>

79.14

(B/1/B1)

64.96

(ZG/fl)

13.90

5.67

7.77

14.13

Rises and Falls

Issues Traded. J
Rises

Falls 1

Unchanged

New Hfghs..—_J
New Lows

Feb. 4

1,854

575

839

440

(U)

(U)

Fab. 3 | Feb. 2

1,863

1,866 81

653

803 5

879

626 -

431

438 S

18

14 a

41

57 In

-

F r

I Feb.

| 4

Feb.

3

Feb.

2

19C

High

1-88

Low

AUSTRALIA

All Ord. (1/1/88)

Metal ft Minis. (1/1/BO)

5484

4014

547.0

9884

5484

386.4

848.0

3654

7374 (0/4)
7954 (7/1/81)

639.8 (26/1/82)
577.8(21/1/82)

AUSTRIA

Credit Aktten (2/1/62)

—

56. IS

94.88

S5.18

Uii

6845 (5/1/81)

63.64 (15/10)

BELGIUM . .

Belgian SE (51/12/65)

94.08

93.62

94.52

94.18

8549 (1/2/82)

8843 08(8)

DENMARK

Copenhagen SE (1/1/75)

12443

125.46

129.52

124.47

124.88 (22/1/82)

95.88 (9/1/81)

FRANCE

CA3 General (29/K/61)
Ind Tendance (SI/12/61)

98.40

117.20

90.3

117.7

974

115.6

98.6

1134

1124 (17/3)
1174 (4/2/82)

77.3 (15 It)

87.7 (4/1/82)

GERMANY

FAZ-Aktlen (91/12/SB)
Gommerzbank(Dec1K3)

22941

888.10

2294i]
7M.7 J

228.33

656.1

228.98

■8.1

243.47 (5 11)
7494 (8/7)

215.88 18/2)

668.4 (IB/2)

HOLLAND

ANP-CBS General (1870)
ANP-CB6 Indust (1870)

■ 1

804

88.0

974
98.8 !

884

63.2

L

87.8

884

98.8 mm

76.* mm

7BJ (28(8)

81.4 (22/12)

Mac Bloedel 23 I

Marks & Spencer 9%

Massey Ferg 2.10

McIntyre Mines.. 36
Merland Explor.. ' 7%

Mitel Corp 27%

Moore Corp 37%

Nat. Sea Prods A 7%

No ran da Mines*. 19% j 19%

Nthn. Telecom...! 69
Oakwood Pet...
Pacific Copper..

Pan can Petrol— |

Patino

Placer Dev _.|

Power Corp.

Quebec Strgn — |

Ranger Oil

Reed StenhsA...;
Rio A loom.-.

Royal Bank

Royal Trust co A„|
Sceptre Res...

Seagram

Shell can oil

Steel of Can A.—!

I Took B

Texaco Canada-.]
Thomson NewsA|
Toronto Dom Bk.[
TraiuCan Pipe ..
Trans Mntn. Oil A|
Utd. Sisco Mines
Walker (H) Res._,
Westcoat Trans-I
Weston (Geo)..

59

57%

11%

11

2.00

2.01

67%

68

16%

14%

195,

12s*

13%

13%

2.45

2.50

75*

! 75 «

11%

1 12

37%

37 %

24%

24%

14%

14%

9%

9%

63%

63%

17%

17% J

27%

28% j

10

87* :

27%

27% <

23%

231* ■

28%

29

24%

24

9%

9**

J 1 *

6%

16

16

18%

12%

36%

35%

Emprunt4iS 1976! 1,7511 —13
Emprunt T% 1975; 6,S90, +95

ONES* I 2.680 +5

Air Liquids | 463.5 —1.5

Aquitaine 152.5) —1.5

AuPrintemps.— ! 134.5, —2

B1C 447 +9

Banq’ Rothschild £ 10.5c

Bouygues 1,145 —35

BSN GervaJa 1.43B -12

Carrefour 1.675 +35

Club Medl ter 678

CFAO 610 +5

CGE 335.6$

CSF(Thomson) ... 232 —7

^Cie Ban cal re 206 1 -6

I CieGenEaux. 318 +3

Coflmeg 113 —2.1

CCF 163 f!

Creusot Loire.,... 85.5 —3.5

CFP 129 ' —0.5

DNEL 43.2 -0.6

Dumez 1,535 —5

Gen. -Occidental. 422 1 +1

I metal 95.5 +0.5

Larfarge 266.1 —3.9

L'Oreal 866 +42

Legrand 1,649 —21

Machines Bull...,i 31 ^ +oj

Matra ;1,215S

Mlchelin B 737 +6

Moet-Hennesey . 646 + 20

Moulinex I 58.5 —0.4

Paribas .1 2105,

Peehlney 101.74

Pernod Ricard ... 337

Perrier — 160

Peugeot ^.A. «... 180.0!

Poolaln «.J 160

Radiotech | 277.5

HOLLAND

Feb. 5

Price

Fla.

+ or

ACF Holding | 78.8' +1.8

Ahold ’ 62.7' +0.6

AKZO _• 27^J +OJI

ABN I BBS.S' —1^

AMEV. 81.B: —0.1

AMRO 48.6J -0.3

BredoroCert 1 200^! —2.5

Boss Kalis ; 68 : +0.1

Buhrmann-Tet— I 38.5

Caiand HJdgs 33.8: +0.2

Elsevier NDU ....„[ 133.81

Ennla — 10B.5| +1^

Euro Comm Tst_!

Gist. Bra cad 1

Heine ken j

Hoogavens

Hunter Douglas^l

I rrt -Muller 1

KLM> —

N Horde’s

Nat Ned cert...

Ned Cred Bank.-
Ned Mid Bank..-
Ned Uoyd.„.,

OceGrlnten..

Ommaren (Van)„

Pakhoed 1

AUSTRALIA

-Feb. 6

, Price
lAust.

ANZ Group-..

Actqw Aust—

Am pot Pet.......... |

Assoc. Pulp Pap .j
f Audlmco

Phillips '

Rijn-Schekfe

Robeco

Rod am co

74
69

?5!

33 JI

84^

28
108.8
34.5i
118
131^

78 l
30.6]

« |

23.6
37.5
219^ -0.3
120.3, —0^5

+ 1
— OA
+0.4
+0^
+ L1
+0^

ZojT

-04

-2

'AdsLCone. Ind...|

_ , ■ AustGuarant....
+Q - 1 iAust Nat Inds.
Aust. Paper„— ..

Bank NSW ....

Blue Metal

Bond Hldgs— j

Boral— J

BlVlIfe Gopper...|
Brambles Inds.
Bridge Oil....-
BHP

BronswickoVl— .

CRA.., _*

CSRm

Carfton & UU . . 4
Castle malnqTye.
Cluff Oil {Aust)

Do. Opts ,

Cockburn CerrrL
Coles (GLJ)

Co male#...

Coetaln ..J 2^

Crusader OH J

Dunlop....

+ dr

JAPAN, {continued}
*: • 1 Price
. r - FebVS V.Yen"

+°r

Kubota- j 339

+ 0 .iafKumgaaU 566

1 Kyoto Coraniic_.l3.780
Uon.. J 416

1.93

+dSz

-043

—042

MaedaCons.

Makita — I

Mantbenl

+O .051 Marudal

Manrl

Matsushita....

+041 M'tarQec Works. 1
- -- : M'btenl «anlt-.-J

-C.03

+043 1 M'btahlCorp.—-
* M'bfshr EIecL.._

560

848

325

655

0909

1,260

_-648

500

.608

317

-1.6
+ 0.1
-0.1
+0.6

Rollnoo 1 214.7| —0.3

Rorento....'. ; isa.5i ...

Royal Dutch j 82.6) +0.6

Slavenburg's .....1 79.6. +0.5

Tokyo Pac Hg 225 —2.6

Unilever 159.5 +1.7

Viking Res. ! 124 — 1

Vmf Stork- I 41.6 +04

VNU- j 53 -04

Volket-Stevin 1 28.9 +0.8

West Utr Bank....! 77 +04

M'bishiRI East— .L, 440
MHf_:-.-.-..._.l
Mitsui Co
MrtsufRtEst—

MrtsuJcoshl

+049* KCK Insulators-,
•Nippon Denso..—
Nippon GalekL..;

Nippon Meat... ,
Nippon OIL...—— i
NlpponShtnpan_
Nippon SteeL—
NippocSuisan— ..

NTV

+0431

. -*-041
1- +048

ITALY

Feb. 5

Price

Lire

Asslcur Gen- • 145,500

Banca Com'le ....155,075

Bastogl Fin

Cent rale. I

Credlto Varesinot

Fiat

Rnsider^,

Invest

Itolcementl

Italsider. —

Montedison.

Olivetti

Perelll Co . . .. ...

Pirelli Spa

Snia Vlscosa.

Toro Assic

do. Praf.

140

6480

8,200

1,629

40.6

2,811

+ or

+950
+50
+ 4
—10

+21
— 3.5
+20

Elder Smftlr G-mI 4.30l
E ndeavour RasJ 0.38
Gen Pro Trust.;.!
Hartogen Energy
Hooker... — _ . J. J

ICI Aust ...U—

Jennings 1

Jimb lenaiSOoFR

Jones (D)„ ;.„f

Ida Ora Gold.

Leonard Oil..—...

MIM

Mcekatharra Ms
Meridian
Monarch Pet......

MyerEmp.

Nat
News
Nicholas
Nortfr Bkn Kill....

Oakbrldge^..:....

Otter EXpel J

Pancon_

Pan Pacific [

Pioneer Co J 143

Queen Maig't GJ 0.14
RocKIttftColn.-) 2.35
5.96
1.12

_ Nissan Motor——

5.9 t +04| Nisshirrnour

1.00 1 +041 jNlwhln Steely, j
Normura.

NYK — —

Olympus ,ii.,

Orient— —

+d.liil«on»r +_!

+.0.921 Ranown ... —

- +045 1 Ricoh —

J 1 SehyoEiect,:

— O 45 J Sapporo

+ 041 1 Seklaul Prefab...:

Sharp ;_4-

shisiedn—

Sony — ...13,730

Stanley — "

STomoMar(ne_

Telhel Dengyo_

Talsel Corp>

TblshoP harm —

Takeda

TDK

+046

+044]

+046

bITBS.

StGot&in

Telemech Elect'

Hang Seng Bank (ST/7/34 ;1SSS.7D!l388.H- 189445;

ITALY

Banca Gcmm ltal.(l972)

JAPAN—
Dow Ava
Tokyo New

rage (15/6/49)
IW SE (4/1/68)

iaa.ii! 1*4.161 mW

1939.15

1M.88 1

^801 .88 17H4.7B-7B 65 . 84]7Kfl .W
574.89] 676471 57B48j 576.46

NORWAY
Oslo SE (1/1/72)

123,69

7B848)

6494

7104

125.11

1110.29 (T7/7)

1115.77 (6/10)

ML05 «)€> 198.44 {24/7,

■28-2*355 885942 (19/8)

BGS42 (17/9) j 486.78 (5/1/81)

129.77

712.681

5S7.4

7084

MONTREAL

Feb.

4

Industrials

Combined

TORONTO Composite.

264.74

17284

Feb. Feb.

3 I.J

Feb.

1

1981-82

301.491 301.66' 301431

28544)

1754.5

287. ial 28948]

17S04) 1740.3

High

40848 (27/S)
375.28 (I5/B)

218046 (18/7)

LOW

SPAIN

Madrid SE 00712/81)

283.42 (26/1/8)
280.09 (26/1/8)

17044 (26/1/82)

Change

"

Change

Thursday

Stocks Closing

on

Sucks Closing

on

traded

price

dey

traded

day

1.240.800

304

+ *4

Texas Inti

808.900

2 Pi

- 4

, 1.075,700

22

IBM

745.000

63%xd + %

940.000

29%

- %

Colgate - Palm.

711.200

171,

+ 4

908.000

57^

- %

Brunswick

653.000

26%

— 4

itAaa Util. ......

852.400

13»,

- %

Phillips Plrlm-

593,800

364

+1

SWEDEN

Jacobson ft p. (1/1/SB)

SWITZERLAND
Swiss BankCpn. (51/12/58)]

WORLD

Capital Inn. (1/U70)

mea

602. 5a

263.10

680.09

2614

1584

786.09

631.0

7864

128,39

798.17)

(u)

<u)

14642 (B/fl)

67349 (26/6)

797.8 (7/1/8 T)
7114 (8/1/82)

AUSTRIA

Feb, 5

Credttanatait I

Landerbank

Peri moose r

Semperlt. _)

Steyr Dallmer.

Veltschar Mag- ,

110.84 (3/6)

773.76 (29/1/82)

108.47:

SBSJUi

2484

1384

4734 15/7)
6374(3/2)

194.1® 106.96 (6/2/82)

802.10

2494

1404

88041 (10/8)

3044 (2/4)

. 1624 (9/1/61)

EELGIUM/LUXB4BOURG

973

113.6STI

258.5

153.5*1

632

331*

1.160

262*

236

+8.2

—44
-2
+0.5
+ 93

NORWAY

-

Feb. 5

Price

Kronet,

Bergen* Baks ...

117

Borregaard

128

— i

Credftbank.

147.5

+ 3.5

Elkem

61

Kosmos

365

— 25

Norsk Hydro

367.5

— 1Z4

Storebrand

237.5

—2.5

Santos

... . Sleigh (HO..-.

136,200 -150 Southland M'n'g. 0.45
Sparge* Expel....] 0.26
jThos. Natwido- J 2.45 i —047

iTooth^ 2 J 00

lUMALCons |

Valient Consdt...

}M“

13.650 -130 Woodslde Petrort

Woolworths '

WormakJ Inti

120 *
142 JS
2,600
2,415
1479
644

—0.04 } Tokyu Corp
(Toshiba —
TOTO.

+ 1
-33
+6
+7
+7

+0.5

—10

+T"

1.90

0.18

040

.4.00

1:09

1.60

2.63

Toyo Seikan
Toyota Motor ....
Victor j

, Wacoai

J Yamaha

r Yamazaki .:

+042

+O.W

-0.K

|1,QQ0

4-20

r 347

+1 .

I 262

* +8

- 441

3 •

485

-2- .

935

+ 19

115

■ +1 > •

494

-rS:

216

• - r

376

•—3 ■

Ala

. .

. 425

■— i

1)030

—30

2,770

-ao

761

+6 ••

885

-6 ..

■',551.

-4. "

240

3'-- :

^537

—7-

■-3

+80 .

— 1
—3

+14;. J ..

+ 5

-2.

-X

+ 12
-BO
-11

•if?
—2
^1 .

+50

+3

+5

+ i 5“*

-.1

-20

—to”
—l
—23
—9
—2
— 1
—19
—10
-70

+1 :

—15

HONG KONG

SmGAPORE

- - Feb.E

Feb. 5

Price

HJCt

+ or

SWEDEN

GERMANY

Feb. 5

AEG-Telef

Allianz Vers..

BASF

BAYER.

Bayer-Hypo

Bayer- Verein „ mm j

BHF-Bank |

BMW

Brown Boverl ....
Commerzbank...!

Price

Dm.

42.9;

463

166.7

117.5

196.5
262.0

+ or

+0.4
*3
- 0.8
+ 0.3
—1.4
—0.5

201. 61 -1.6
197.0/ +0.6

222.5

134.6;

-3.5

- 0.2

COntl Gummi I 49 . 0 ! +0.9

Daimler Benz^.. 297,0} +0.5

Degussa J 240

Demag

D'sche Babcock.,

Deutsche Bank.,.!

DU Schult. I 152.0 +2 JO

Dresdner Bank.» 141

SHH 202.0 ~d!s

Hapag Lloyd 63

Hoechst- 11B4xr! - 0.1

Hoeech....... 25.5

Holzmann (p) 427.0 + 2.0

Horton... 1084 +04

Kali und Sato. 174.0 —0.5

Karatadt. 183.2 — 0.B

Kaufhof

KHD._

140.o: —3.0
194.5’ +0.5
372.7| +0 Ji

W.17 (5/1/92)

Feb. 5

4W.17 (29/1/81)

242.B (17/11)

1354 (28/9)

(*•) Sat Jen 30: Japan Dow 7938.83 TSE 682.62.

Bsse values cf as Hadlees an 100 axcapt AuatnOs AJ1 Ordinary and Metals
500: NYSE AH CootnM— 80s Standard and P oors TO and Tomato— 1 .Q 00 : tha
test asmed based en 19% t Exotoded bonds. 6400 Industriala. $400
industrial* tfos 49 UtHMsa, 40 FjaapoMs «M 20 Tnoapoito. eOoead.
« Uosvt liable.

ARBED ...»

Banq int A Lux..

Bekaart 8-

ClmentCBFL-..-

cockerill

EBES !

Electro be!

Fabrique Nat...,..,
G.B,lnng—

GBL (BruxL)

Gevaert^....

Hoboken

Intercom.

Karefetbonk..

PdnHWga.. 1

Price

Fra.

wag

+ or

+20

L490 -20
190 +10
1,915] — 35
3,975 -50
2;385 -15
2,460 -80
1,366 +6
1.75o! +35
2,725 +20
1,442 -12
4,780 -20
6,800 +60

+0.5

- 0.1

Kloeakner

Krupp

Llnde„

Lufthansa

MAN

Mannasmann....

Mercedes Hlg...
Metallgeuell,....

Mueneh Ruck.._

Preusaag- !

Rhein West Elect) 173 W ^ 0,4

140 | ■

190.5J — 0.6'
62J8| +2 JO

saoj}

52 I

196.0 ....
M7 Jj — 2i)

259.W +0.7
256.0] -1.0
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Feb. 5

AGA

AJfa-Laval

ASEA

Astra

Atlas Copco I

Boliden

CollulcMa

Electrolux B

Ericsson

Essefte(Free)

Fagersta

Portia (Free)

Mooch Dom

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Feb . 5

Feb. 5

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^ PRICE

Financial Tunes Saturday Feferuaxy 6 19S2
Conpaalw- Markets

INTERNATIONAL COMPANIES and FINANCE

*7

FINANCING COSTS BLAMED

t V

Cii-Honeywell Bull in the red

' -tc.

. 2k;

* • . r. ’• +•. <

?".ei : V

■

■ .'"vVM Ei
- •

- ^

^an; X

BY TERRY OODSWORTH (N PARIS

FRENCH computer group, Cii-
HoneyweD Bull, nowin the pro-
cess of being nationalised,
dumped to losses of FJTr 4S0na
(573 m) last year desptt'e a 10.6
per cent growth - in sales to
FFr 17-3bn. . •

- Tlie company blamed tlds re-
yCTsal-rwhich. compared “'with
rietf consolidated .profits of
EFT 180m last year— -on : a. sharp
increase is.. Its financing costs
which it attributed ; -to its
r serious u nder-ca pittlisation ”

- : i?.The' group was 1 faced with
-the need-to^obtain Considerable
ftp an ring to fund v both - its
growth aod .7-. temporary in-

crease in certain assets.” it
said.

From 1976 to 1981, the com-
pany added it had experienced
vety. rapid expansion as revenue
grew from FFr - 5.1 bn to
FFr ".Sbn. But Jt was force d to
finance most of this growth by
haigh interest bearing debt.

In addition, says Cii, It had
to finance an abnormally high
level of finished and semi-
finished products last year,.

Despite its financial prob-
lems, however, Cii continued an
aggressive investment policy,
spending FFr l.5bn last .year on
new rental equipment and addi-

tional. production qapacity.
Research and development ex-
penditure reached FFr 739m,
of which 6Bm was financed
through external research con-
tracts.

The group adds that it also
hired about 1.800 people during
the year, creating more than
900 new jobs in spite of the
difficult economic environment.
The total workforce now stands
at a little over 21,000.

The company went on to
forecast an early conclusion to
the negotiations between the
French government and Honey-
well of the U.S. on the

nationalisation of Cii. Tt is ex-
pected that this will lead tu a
reduction in the Honeywell
stake in the French computer
group from *17 per cent to a
little under 20 per cent, with
the government then becoming
the majority shareholder.

Cii said last night that the
Government should demon-
strate that it intends to make
the group the cornerstone of a
strong industry in France and
across the world.

Honeywell is likely to main-
tain technical links with the
French company as pan of lhe

deal with the Government.

. ■" H‘

L’Oreal sees
25% pre-tax
profit gain

K--

By . Our Paris Staff

UOREAL, the leading French
perfume an d beauty products
- grpnp. expects pre-tax- profit to
sH«ri 25. per cent Increase for
19S1; to around FFr 890m

: -oftnu). - . " .•

. The . company said that: -the
sharp rise in its earnings, which
; 7 are strut* before deductions
^tortile employee participation
v-scheme, came as the result of
--i better -margins in hair care,
.'cosmetics ' and hygienic
^ products. Growth was particu-
larly strong 1 - among the foreign
.subsidiaries.

•• .Sales rose by 13.25 per cent
to: FFr 9.69bn, compared with
FFrS.55bii .in. 1980. This pats

* L'Oreal among the biggest half-
r. dozen industrial groups which
_ 'vrill- be left in the French

• ^private . . sector after the
1 ^nationalisation programme
; whioh -is aboat to be put into
’"effect

Pre-tax earnings in the
7 pharmaceutical division were
f - roughly . unchanged, held in
. Check by high research spehd-
Tn&iWhich was increased by a
>third and amounted to one fifth
of sales in pharmaceutical
. specialities.

Court upholds challenge to HBG

Astaire and Co.

: Astaire and Co., stockbrokers,

wish to make clear that its Hong

Kong representative is a lull
• - member of the Hong Kong Stock
.'•..Exchange. Like other firms tn
- the sam& position it has applied
.for. and been granted - prima
. L fade' membership' of - the pro- ,
•posed new unified exchange in j

tire Polony. ... ••

BY CHARLES BATCHELOR IN AMSTERDAM

THE DUTCH business court has
upheld .a challenge by the
business pressure group. SOBX,
to the accounts of Hoilandsche
Beion Groep (HBG). the largest
Dutch construction company.

The court ruled that HBG was
wrong to charge the losses
incurred by the closure of a
minority holding to its general
reserve.

The FI 19m ($7.4m) liquid!-,
tion loss which resulted
from the closure of the Nether-
lands Offshore Company (NOC)
should have been set against
HBG's profit and loss account,
the court said. This would have
reduced HBG’s 1979 profit to
FI 38m from FI 57m.

The business court ordered
HBG to list any future losses

on the- liquidation of minority
holdings under Lhe results of
non-consoVdatcd companies.
The court did not. however,
order HBG to Ole new accounts
for 1979.

Mr Pieter Lokeman. chairman
of SOBI, described the court
decision as a “ spectacular
victory” and of groat import-
ance ‘ In influencing the
accounting procedures of other
companies. Mr Lake man has
challenged the accounts of a
number of major companies in
recent years but after initial
successes has lost several recent
cases.

HBG said it regretted the
court decision but commented
that the decision not to press it
few new accounts for 1979 was

a sign that the court did not
take loo severe a view of its
melhuds. The loss on NOC was
reported separately in its annual
rcprrrr.

HBG bad argued in court that
its treatment of liquidation
losses was in line with the
polity it had always followed.
A FI 12m operating loss incurred
by NOC had been dealt with in
the profit and loss account.

NOC was a joint venture
established by the three larger
Dutch euntractors — Bos Kalis
Westminster, Vulker Stevin.
each with -to per cent, and HBG.

Bos Kalis set its losses in
full against profits while
Volker Sievin set pari against
a special reserve and part
against profits.

Gottardo chief says more
Swiss banks face probe

BY JOHN WICKS IN ZURICH
THE ITALIAN authorities are
understood to have gathered
evidence for use in the prosecu-
tion of some 10 Swiss banks on
charges of aiding illegal cur-
rency movements. This follows
criminal proceedings brought
recently in Rome against em-
ployees of Bank lieu and Banca
del Gottardo.

Speaking at a Zurich Press
conference Dr..: Fernando
Gaizoni, chairman of the
Lugano-based Banca del Goi-
t'ardo, said the Italian “ finance
police ” had shadowed bank
clients and employees in both
Italy ^nd Switzerland, tapping
telephone .conversations and
taking photographs.

A Rome court- is soon to pass

judgment on Goltardo manager
Sig LioneHo Toni and his
chauffeur, Sig Bruno Zap pa. on
charges of foreign-exchange
offences. The Public Prosecu-
tor has called for sentences of
two years and 18 months,
respectively.

In -the same plea, sentences
•of two years and 18 months
respectively, had also been
called for against sub-managers
Sig Fernando Ossolla end Sig
Domenica Gregori of -the Rome
branch of Banco Ambrosiano.

He stressed that there had
been ho “ organised links ”
between Banca del Gottardo
end Banco Ambrosiano. which
has a 45 per cent shareholding
in Banca del Gottardo,

Nixdorf lifts
sales by 24%

By Stewart Fleming In Frankfurt

NIXDORF COMPUTER, the
rapidly expanding Wosr German
uilice equipment and business
computer manufacturer, yester-
day reported that its sales
increased by 24 per cenl tu
DM l.H3bn ($K12m) last year
from the DM J.56bn of 19fiU.

The company said that boih
at home and abroad its sales
expanded. but that growth in
its European markets was parti-
cularly strong. Orders at lhe.
beginning of 1982 were IB per
cent higher than a year ago. .

The company, which for 1980
reported a 5(1 per cent decline
in net profits to DM 42.3m, did
not comment on its 1881 earn-
ings. The fall in profits in 1980
was attributed to heavy costs
associated wiili its expansion.

New order
inflow up
sharply
at MAN

By Kevin Done Hi Frankfurt
r MAN, the West German com-
mercial vehicles and mech-
anical engineering ‘ group,
boosted Uie value of new.
orders won in the seeond half
or 1981 by 36 per cent to
almost DM *Ubn as a result
or booming business in for-
eign markets.

The company has also an-
nounced plans to raise DM
172m through a one-for41ve
rl-hls issue. GBftt, which Owns
7j per cenl of MAN, re-
cently announced a rights
Issue of its own.

Tlu* value of foreign orders
hooked in lhe sis months
from July to .December last
year, the first half of 3IAN*s
current financial year, .
jumped by 92 per cent as a
result of major foreign con-
tracts. ’

It has von orders from
South Africa for six steam-
turbines with 8 total capacity
of CCS MW In a contract worth
DM 030 m. and MAN also led 7
lhe German consortium which
won orders worth S420m for
rolling stock and equipment
for Venezuela.

Foreign business , now
accounts for no less than 77
per cent of the value of MAN s
orders- of around DM 7bn, a
total which Ls 29 per cent
higher than a year ago.

MAN’S performance over
the past six month reflects the
continuing recession in the
West German market, how-
ever. and domestic orders
tumbled by 13 per cent from
July to December compared
with the corresponding period
of 1980.

Sales of the MAN group
rose hy 13 per cent in the
second half of 39SI to DM
2.731m.

Sharply rising steel prices
are lilting deeply Into the
company's profitability, hut
MAN appears confident oT al
least holding last year's divi-
dend of DM 7 per share.

Kredietbank in
German deal

KREDIETBANK of Belgium
has acquired a controlling
shareholding in Baukvereiu
Bremen which at the end of
2980 had a balance sheet
totalling DM 381m (SlGlnO.
Kredieihank, which Is number
three In lhe Belgian banking
league, intends to develop
Rankverein Bremen as a
means of promoting Belgian
business In Germany.

IBM and MCA pull
out of videodiscs

BY RODERICK ORAM IN NEW YORK

INTERNATIONAL Business
Machines and. MCA, the U.S.
entertainments company, have
pulled nut of their videodisc
venture, selling their slake to
Pioneer Electronic Corporation,
the ir Japanese partner.

Pioneer trill coniinne to make
and sell videodisc players and
records in competition with
RCA of the UJS. and Philips
of the Netherlands. Bul the
retreat of IBM and MCA .indi-
cates the difficulty all three
croups are having establishing
their products against the com-
petition of video tape recorders.

HIM said the basic reason for
dropping the venture was that
the market “did not develop
as rapidly as we expected.'*

MCA and IBM declined to
disclose their investment in the.
wn lure or lhe price Pioneer
paid for their stake. The invest-
ment. however, is thought to
have been about SlWVm com-
pared with RC.Vs investment of
more than' Jjfiflftm. RCA has
achieved only a fraction of the

original target for the video-
disc player sales.

IBM and MCA formed Disco-
Vision Associates in September,
1979, taking a half share each.
DVA in turn took a half stake
in Universal Pioneer (UP) with
Pioneer of Japan as its partner.

DVA used a former MCA
plant in California to manufac-
ture discs while it imported the
players from the Universal
Pioneer plant in Knfu, Japan.

DVA has closed its California
plant and will also stop market-
ing the players and discs. DVA
will survive with a small staff,
however, to manage its patenrs
and technology and the royal-
ties it will receive from UP.

The California plant had pro-
duced more than 2m discs, DVA
said.

While there Is' gloom about
The long-term success of video-
discs for consumer entertain-
ment. same industry analysis
suggest: jhe technology has sonip
future for data storage and
retrieval for office and factor)'
use.

Thomson buys into TEAC
in bid to expand in discs

PARTS— THOMSON-CSF, the
French electronics group in-
tends to acquire a 5 per cent
siake in the Japanese elec-
tronics company. TEAC. in a
hid in expand its videodisc acr
li cities.

Such a move — -which would
have to he approved by the
French and Japanese authori-
ties— would make Thomson
TKAC's biggest single share-
holder.

It is also understood that
Banque de Paris et Pays-Bas of

France is interested In acquir-
inq .a 2 per cent srake in TKAC.

Up tn now T horns r»n-CSF and
TEAC have been co-operating
in the manufacture of institu-
tional videodisc players in
Japan.

Thomson already has a co-
operation agreement with The
Minnesota Mining and Manu-
facturing (3M> group of the
U.S. for the joint manufacture
of videodiscs in the U.S. apd
in France.

AP-DJ

Schering to spend more

SPHERING. »he West German subsidiary will receive funds to
chemical and pharmaceutical complete its headquarters build-

in® in Wayne. New Jersey as
well- as for research, develop-
ment and expansion

group. Is raising worldwide
capital spending by 20 per cepL
in 19S2 to DM 264ra (S112m).
our Financial Staff writes.
Domestic spending will com-
prise 80 per cent of total capital
outlays, or DM 155m, while
foreign investments will total
DM 109m. Sphering said a
breakdown of 1951 spending by
foreign and domestic shares was
not. available. However, Seller-
ing’s capital spending on its
U.S. subsidiaries will rise 54 per
cent to DM 52.5m from about
DM 34m in 1951.

The Berlex pharmaceutical

Chemical
in pact on
Florida
bank plan

By David Lascelles In New York

CII EMI CAL BANK of New
York, and Florida National
Bank yesterday reaffirmed their
Intention to merge and nailed
down The terms, though a
counter-bid from another
Florida bank. Southeast Bank-
ing Corporation, is looming.

Yesterday's “ definitive agree-
ment *' fleshed out details of
a merger announced last year
when the two bank* agreed to
what amounted to a delayed
action takeover, to be triggered
when current Jaws prohibiting
interstate bank mergers are
eased. Chemical believes these
laws will he changed
Under the terms. Chemical
will pay $42 per share of
Florida National, or one and
a half times book value, which-
ever is greater at the time of the
merger. Today, that would give
the deal a total value of about
$320m.

In the meantime. Chemical
has bought $2Ura of Florida
National preferred slock with
wa rums to buy more shares
later, and $2m worth of further
options. Florida National has
assets of about $2.4bn and is
one of the largest banks in the
state.

Mr George Whitner, Florida
National's president, welcomed
the deal and said the competing
bid from Southeast was not in
his banks' host interest. He said
it would raise serious anti-trust
and regulatory problems.

Southeast has negotiated to
buy a large option on Florida
National's stock owned by
C. A. Cavendes, a Venezuelan
company, which Chemical had
honed to ncqlre.

Mr Donald C. Platten. chair-
man of Chemical, said: Our
agreement demonstrates Chemi-
cal's desire for a strong partner-
ship with Florida National— a
partnership that will enhance
the long-term profitability of
both cotsgnnies. It also enables
Florida National to continue as
a major force in the Florida
market.

SEGREGATED ACCOUNTS

are maintained for our Client’s funds
For investments in Commodities please contact:

OXFORD INVESTMENTS LTD
40 Mnrdock Road, Bicester, Oxon 0X6 7PP
Telephone: (08092) 4&441

COMM^WTIES/REVIEW of THE week

z -t '

■r -s

•3 7

-.5 ••

•'ll'
' ml *8

surge
to new record

£ 4,

■ 1 '

•-•./ BY OUR COMMODITIES- ST AIT

CASH TIN irose lo a record
t price . on the - London Metal
Exchange: y ester d&y in spite of
-moves earlier this week aimed
: at averting a supply squeeze.
On tnondaylthe Metal Exchange
committee ' announced that it
; was imposing a maximum limit
:Of £120 a tonne .for premiums
.that" 'could be demanded for
selling cash tin for delivery
lhe following day. The objective
was to ensure that the buying
group, believed to' be acting on
behalf of producers, who own
the bulk of ■ available - supplies,
would' not' charge abnormal
premiums to .traders seeking to
cover outstanding, sales. It -was
feared that if some action was

not taken there could either be
bankrupti cies, or defaults, in
view of the large sums in-
volved.

However, . the initial impact
was for the cash price to rise
as the group heW off supplies
and sellers sought to cover
their positions. Cash tin last
night dosed at £8,970. a tonne,
£330 up . on a week ago. The
three months quotation, in con-
trast, was only £52.50 higher at
£8,022.50. ..

Some traders believe the buy-
ing group is in the process of
winding op its support buying
campaign, which started last
July, by disposing of supplies
at a premium price. Meanwhile,

WEEKLY PRICE CHANGES

. 'i Latest i '

: price* lOhnga. Year

[par tonne ' on ego

I unless . . weefc ,
j .stated .

i08i;sa

High

Low

METALS

, Aluminium .. — —

Free Markets o.l.f.

Antimony - — ...

Free Market 99.6%

Copper-Cash High Grade .

3 months Da. Do. — '

Cash Cathodes ...... ...

3 months Do ;. — . —

Gold per 02 . —

Lead Cash {.

. 3 months ♦-... — ;

Nickel — 1

Free Market «J.f. lb-

Platinum par oz

Free Market, per oz~..« —

Quicksilver (7BlbsL -.!

Silver per oz . — j.

3 months per oz.. — — :

Tin oash r

3 months — — —

Tungsten Ind. ....... -j

Wolfram (2S.O* lb)

Zinc oash

3 months j

Producers — — j

GRAINS

Barley Futures 1

Maize French —

WHEAT Future*-.— J

Hard Winter Wheat -

8PICES

Cloves W

Pepper, white - —I

black.—

. i . I

£010*815' — i £0IO/»lBJ»lO/B15^70O/7p

"gmOllMO ' S148G/5E I SI50BU530|*ia 11)045

53300/2450 -- 1

£872.75 i — 02J5. r
• £001.75 :+1.75 |
£869.25 .-1.75 [
£807.5 - + 03

1 $384. 75

■ £543.5
j £352,75
1 £3771.7

I-SJ5.
1-23
1—24.5 !

— 1+34 •'

265/89501 + 2-8!
£260 ! — j

£200.00 1+3.45
S3 60/370 1 + 10
465.90 p | + 1 6-Z5
471.20p • + 16.7S
£8.970 +530

£8,022.5 +82.5
8125.54 1-0.06
81261130:— X.5
£457 (-6.75

£462.75 '—6.5
5875/060/ —

£11 1.00 w'— 0.55

£133.26 1.25 | £123

£1 15.10w — 0J50
£U7-20x>0.43

85125)75 53200/52 B0-S2560/4 60
£787 £1.023.5 £755

£809.25 £1,052.75 £777.5
£779 £1,026 £748.5'

£796.5 £1,046 ;£765.5

8502.5 . 8601 J8378

£294.25 £502 |£273.75

£303.25 -£499.5 -£285.25

£3.226.37 mJS 19. 60102,9 15
28O/295C09O/3 10o;225/27Gc
£202 £260 .£202

£207.40 | £2 50.90 {£185.60

1385/395 i 8428/4381 S3 50/360

57X.35p (071JOp 4 12.80 p
588.55p 695.70 p 1487.00p
£5,930 {£897.0 £6,700

£6 062. 5 £8,657.5 £5 865.5
S 144.72 {8149.08 !S 126.54
8140/161 5151/16515120)125
£317 £653.5 |W06.5

£328.5 l£668.5 £318.25

3825 .'31000 1852 3

£5,53 S x

F2.000X

81,425*

f*45x

j 6555b

6345

5263.75

OILS

Coconut (Philippines).- —

Groundnut 5# ......

Linseed, Crude-

Palm Malayan .

SEEDS

Copra (Phlllpplnea).- — ;

Soyabeans (tl-SJ 1

OTHER COMMODITIES I

Cocoa Shipment?-. ■■■ j

Cocoa Futures May. -—-l

Coifae Futures Mar , r-'g=_

Cotton Index- — j 282 ?°

Des Coconut...— — — j a5

Gas OH Fut. Mar ?

Jute U ABW C grade- -

sisal No. SU—

Sugar ,lRaW).. -....-1

Tapioca No. 1-...-. ....—

Tea (quality) kilo—.—

(plain) kilo — • —

Wop (tops, 64s Warp

+25

i-25

1-2.5

1—5
I-3J5

£1,257 |+26
£1,175.5 !+0

I -

!-*f ■

MDMA _

5640, BMX +0
£l70x -2

£225x I —
I25p j + 1 _ .

i 38 Ip kilo ■ + 1

I

£08.90 kll 1.80 | £94.40
{£134.50 {£119.75

: U 121 . 1 Q [xsB.io

£105.25 {£124

£3,950
82,050
SI 600

8600

£400
861 7.5

8415

8314

£ 6,000
1 82,150
151,690

'18640

b*60

|864S

18430

(£340

L

j £102

{£3,800

[>1,850

81,226

8520

£400

8478

18335

,6245

)£850

£789

£flaa - €M}»

£869.6 £1,315
£1008.5 5 £7H »

07.90c 101.13c 67.20c

teeao ■ Ixsbs

S3 29 1*260

{£267 £210

65^5 - Uo “
£252
[*780
<£315
•£2S5

B?

£640

8210

l

37.3p

£197

S7S0

£250

£207

120p

67p

-|49p

i£197

1*640

(£148

'£207

iU7p

|69p

3Q9p kll&40bp kilo 294p kilo
(zVMireh.

the spectre of a tin cartel was
raised when Malaysia revealed
that it was holding discussions
with other .tio producing coun-
tries on how best to protect their
common interests.

Other metal markets were
generally depressed by the rise
ls UJS. interest rates and con-
tinued pour consumer demand.

Lead was particularly badly
hit. The cash lead price fell by
£23 to £243.5 a tonne, depressed
by U.S. domestic price cuts and
the expected settlement of the
Tara Mines dispute, after
workers had voted in favour of
accepting the Irish Labour
Court recount! end aliens. The
likely end to the seven-month-
■ old Tara strike also brought
lower zinc prices, but the
market was sustained by an-
nouncements of further produc-
tion cutbacks.

Rubber prices continued
under pressure because of the
depresed world industrial out-
look, especially for the autoiYu-
bile industry. On the London
physical market the RSS No. 1
spot position sank 2.5p to 43p
a kilo, the lowest level since
April 1978.

The recent fall has taken
place in spite of the operation
of a producer/ consumer pact
aimed at supporting prices. In
Kuala Lumpur this week the
buffer stock manager of lhe
International rubber Agreement
announced that subscriptions
totalling 2S8m ringgits ($125m)
had been called up from
members to finance support
buying in an .attempt to stem
the fall.

Other leading soft commodi-
ties traded pn the London
market ended modestly higher
on the week.

After falling early on robusta
coffee strengthened late in the
week as renewed concern over
the shortage of nearby supplies
prompted many speculators to
cover against earlier short sales.
The May position on the London
futures market, which had
fallen' to £1.171.50 a tonne at
one point, ended £14 up on the
week at £1,230:50 a tonne.

Dealers noted that shipments
from Uganda and Indonesia
have been slow of late while
the Ivory Coast, a major
supplier of robusta coffee, has
already completed its first
quarter export quota. A further
possible bullish influence on the
market was news of a cyclone
hitting Madagascar.

Cocoa prices also drifted
early in the week, mainly on
disappointment on the Jack of
positive moves to support the
market at last week's Inters
national Cocoa Agreement meet-
ing in London. But dealers said
laier that such moves were
expected to be _ agreed at the
next meeting in March and
•prices perked up.

The May quotation on the
London futures market closed al
£1,175.50 a tonne, up £16 on the
day as a squeeze situation on
the March position lifted the
whole market This represented
a rise on the week of £11 a
tonne.

MARKET REPORTS

BASE METALS

BASE-METAL PRICES wure marn'inally
firmer in disrupted tradimi on the
London Met3l Exc/ianiju Dualmus on
lha LME were suspended jlior the
Copper ring /allowing a bomb a/ert
jnd were nor resumed iinul around
the opening ot Come*. Copper edged
up to C904 and closed ui C898. while
Lead nnri Zinc were linjfly EU51.fi and
£463.5 respectively ahead ol an
announcement irom Tara Mines.
Aluminium closed at £621.5 and Nickel
at E2.T42.5. Tin. three months, ended
at £8.050 while cash was finally C8.950.
having touched £8.990. February dotes
were offered et £9,000.

Nicluf— Alter noon: Cash D.100,
three months- £3,155, 60. 50, A5, AO.
Kerbs: Three months .0,140. Turnover.
78 tonnes. Morning dealings were
unavdiLibl* owing to a bomb alert m
the London Metal Exchange.

SILVER

Silver was fined 5.2Qn an . ounce
hiirhar for spot delivery in the London'
bullion market yesterday at 4S5.Sp.
U.S cent equivalents of the fixing
levels were:' spot ESI :6c, up 10.Sc;
three- mouth 382.4c. up 10c; sla-monih
915.1c. up 10.9c: and 13-month 976 4c..
up 10.0c. The metal opened at 451- '
455p /847 a52r:J and closed at 408i '
462p (353-8&7c;.

COPPER ' Official

I a.m. '+ on p.m. ,+ or

■ Official — .'Unofficial — c

SILVER I Bullion ,+ or. L.M.2. (+ or
per fixing ; — J p.Jn. _ : —
troy oz. | prica

fUnoiflc 'I;

£ | £ £

HlghGr da 1 [

Cash i 873.5-4 !-<9.25; 872.5-3

3 mtha < 90 1.5-2 +7J2I
Settfamft; 874 ;+9
Cathodes

Cash

3 months .

Settlam't ;

S. Prod I

«j SOl.5-2

869.-6 '+&.2&I 869-. 5

897-8 +6 | 897-8
869.5 ' + 4.6' —

- 1 1 *76J-M

+5.25

+4.75

U4.2B

t4

Spot l495.90p '+4.2D 458.75p +10.2

3 months.471.20p +5.10 474. 3bp +9.10
6 monthE.487.45p 1+6.00 - — I
12months51B.0Qp_ 1 rB t W . —

LME— ^ Turnover 20 1&2) -ots : ol
.. .10,000 o:s. Morning: unavailable:
Afternoon: Ceah 474.5, 74.0, 73.5. Kerb: ■
Three months 473.0, 70.0.

COCOA

Am.ilamaied Metal Trading reported
that in the. afternoon cash Higher Grade
traded at £872.50, three months
£902 00, 02.5S, 03.00, 03 50. 03.00,

07.00, 01.00, OZOO. 01. S, 02.00.
Cathodes, cash £869 00, three months
□397.50. Koibe: Hut her Grade, three
months £901.50, 01.00, 900.00, 898.00.

97.00. 97.50, 98.00. Turnover: 7.175
tonnes.

Futures remained Steady in ectilre
trailing conditions on commission
house nnd trade support before some
light piofit-t.il mg at the close pared
the earlier yams, reports Cill and
Duff us.

COCOA

JYes‘rday 1 a '+°r. Rusinei
1 — — I Done

Close

TIW

a.m. . .+ or p.m. I
Official , — 'Unofficial^

Hrgh Grade £ ■ £ > £ £

Cash B980 70 +1B . 8960-80 +26-'

3 months ■ 8030-40 +10 : 8020-5 -22.fi

Settlem't: 8070 ,+10 —

Standard , ‘

Cash '8960-70 +10 8960-80 + 2fi

3 months; 8030-40 +10 8020-5 '-H.fr

Settlem’t! 8970 +10 — •[

Straits E. SS34.55 -0.1S — ......

New York — ...... — j

Tin— Afternoon: Standard. cash

£8,97, 90. BO. 70. 80. m.d-Feb £9,000.

8.980. three months £8.045. 60. 40, 45,
40. 30, 20, 25. Kerbs: Standard, cash
£8,950, three months £8,030, 50. Turn-
over: 835 tonnes.

March. .1 1215-17 +33,o! 1824-88

May : 1175 76 '+ lb.O 1182-02

July- -.1 1181-88 :.+ 10.0, 1190-70

S«pt I 1192 S3 +8.5 ! 1201-84

Dec -.1 1204-05 U9.6 1 1810-08

March 1215-20 +5.5 ,

May 1215-20 i+3.3 —

Sales: 4.353 (1.4B5J lots '- ol ‘ 10

tonnes.

ICCO— Daily price lob Feb 5: 95-97
f 94.64). Indicator, prica lor-. tab- 8:
94.03 (93.38) U.S. cents per pound.

WHEAT

Yestard'ys 1 +or Yost'rd’ys , + or
Mnth close ■— , close —

Mari 111.53 . —0.10- 107.90 ,-O.IB
May,. 115,10 —0.16 111.00 -□.!»

July.. 118.56 —0.15 - —

Sept. 106.60 -0.15 102,05 -0.2c

Nt>V... 110,10 -0.10 106.00 -0.1.

Jan. . 114.00 -D.» 10930 -0.0

Busines tlone— Wheat: March 111."*-

111.25. May 115 10-115 CG. July 113 55-
118 SO. Sept IDG EO-106.40. Mnv 110.10
only. Jan 114.Cu only. Seles: 126'lcra
ol 100 tonnes. Barley; March 107.SO-
107.75, Miv 111.00-110.90, Sept 102.13-
102 05, Nov no trades. Jan 109.90
only. Sales: 1G2 lots of 100 tonnes.

9

LONDON GRAINS— Wheat: U.S. Dftrfc
Northern Spring No. 1 14 .per cent
Feb 121.20, Match 132. CO transhipment
East Coast tailors. U.S. Hard Winier
13*j per com imci-Feb.-'mid-Marcb 117.20
transhipment East Coast seller. English
Feed, fob April. June 113.25 paid East
Coast. M3iie: French first . half Feb

123.25. second half Feb 124 tranship-
ment cast Coast sailers. S African
yellow M*rch" 76.30 quoted. - Barley;
English Feed fob Feb 111.50, March .

1 12.00, April/June 114.50 sellers fact
Cojti Rest unquoted.

HGCA — Locational ex-f3rtn soot
puces. Other milling wheat: Eastern
112 40, N East 112.90, Feed bailey:
Eiiciein 106.00. E Mrfla 107.00. N Mids

107.00. N East 107.S0, Scotland 107.20.
The UK Monetary Coellinent 'or the
weal: berjinmng Monday February IS
(bjseri on HCCA calciilaimhs using
three days exchange ratec) Is expected

. lo. rgmum upclianded at 0.905. ...

BARLEY AMERICAN MARKETS

RUBBER

COFFEE

LEAD

A.m, |+ on R.m. '+ or
Official j — Unofficial' —

£ | £ | • £ £

Cash 343-4 I-.7B l 343-4 +3

3 months; 38S-.B :-.8 [ 358.5-3 +IJ

Settlem't M4 j— 3 I —

UA Spot! - I ....... l_^28-34

Lead— Afternoon: Thtee months
£357.00. 56.00. 55.00, 54.00, 53.00,

53.50, 53.00, Kerbs: Three months
£353.00. 52.00, 51.00, 52.00. 51.50.

Turnover: 2.975 ionites.

! «.m. ,+ or p.m. "i +o

ZINC Offlolal I — | Unofficial! —

Anaciivs session saw a continua-
tion ol the recent steadier trend,
reports Drexal Burnham Lambert. Alter
a disappointing New York opening
had depressed lha market but short-
covering. towards the. cIqm look prices
te near contract highs in inn&t
positions.

E ' eiterdny's —

Close ■+ or 'Business

— l Done

per tonne.

j £ I £

Cash ; 457J5-6 '+7

3 months 468.5-3 +7
S'ment... 1 458 ;+7

Frimw'tsi — . .....

£ I £
456.5-7.5+6.5
468.5 3 -vfiJS

•42-50 I —

Zinc— Aria r noon: Cash E457.50, 58.00.
57.50. three months £462.00. 62.50,
53.00, 82.00, 63.00. Kerbs: Throe
months £460.00, 59.00, 60.00. Turn-
over: 2,550 tonnes.

March........ I 1295-07 . + 10.0130^72

May j. 1230 31 +22.01232-02

July ' 1103-95 (+23.51106 65

Sept I 1184-85 [-^21.51185-5.

Nov 1171-77 +22.5 1171

January .....i 1160 70 t22.5i

March-....] 1150-70 +2&.G _ “.11_

Sales: -6,117 (6,4971- lots ol 5- tonnes:

ICO Indicator prices lor February 4:
(U.S. cents per pound): Comp, -daily
1979- 132.21 -t«!9.79>T -W-dJV average
125.89 (125.29}.

GAS OIL FUTURES

A strong opening reilacted Nnyv
York's close. Prices leil on news that
BNOC we nr cutting Norm Ska‘ trtids oir
prices anti also on a quieter physical
market, reports Premier Man. . _ ' .

The LznJcin physical marker opened
slightly easier, attracted little interest
throughour the day and closed dull.
Lewi^- and .Pest recorded a February
fob -price lor 'No. 1 RS in- Kuala
.-Lumpur of 206.0 (same) cents a kq
and £TMR 20-1S0.5 (181.0).

No, 1 ■ Yest'r'vs Previous.! Business
R.3.S. ! close clou Done

-Mar ; 48.70-49.80 49 JJQ -50.10, —

April ... 49.UO-49.eO 43.aO-M.40 —

Apl-Jne 50.5044.7fl 51.D0-5l.lir 50:80^0.40
Jly Sept. 54.10-54^0 54.E0-fr4.7D 5J.rA5i.8fl
Oct Dec S7.4U 57.ia 59.M-M.20 57.00-57.2(1
'Jan - MA r~60.70 -SO .SO B1.50- G1.40~ B0:9Q-1»:3D '
Apl-Jne U1.7S-64JU S4.30-64.4U 04.00 .

Jly- Sept • es.9U S7.D0 b7.40-L7.10 B7.H
■ Ott-Dec - 70JIO-70.1ir 7OiO-7fl.M"^70jm_
Sales: 236 (156) lots ol 15 tennes,
nil (ml) lots cl 5 tonnes.

Physical chasing prices. _ (buyeral .
were- spot 48.D0p (49.00p): March
40.75p (50.25p); April EO.OOp <50^0p).

Soyabean meal

The market opened slightly easier

OiL.sirnnger sierljjig. repons.

Roddick. Prices remained in b narrow
range in dull conditions

•YesterUye + - or Business'

. . . Clou — ■ Done -

NEW YORK, February 5.
The precious metals ware mixed with
silver ttrm on favourable chart patterns
while. gold was under pleasure from
commission house liquidation. Copper
was firm on commission house buying.
The livestock complex uias mixed wuh
support in cattle developing on weather
fears. Hearing oil firmed on turnouts
ol tightness m deliverable supplies and
chart inspired buying,, te ported Heinold.

Potatoes' (round white) — March
86 0-36.6 [B8.0), Apnl 53 6-81.9 (90.51.
Nov 80.0. Sales: 1,348.

ISilver — Feb B60.2 (894.0). Merch
BBI.O-See.O /BBI.O), April £78.0. May
833.0- SSI. 0. July 909.Q. Sept 933.0, Dec

964.4, Jan 975.0. March 996.2, May

1017.4, July 102BE, Sept 1059.8,Dec
1031 .2. Handy and Herman bullion spot:
843 00 (841.50).

Sugar— No 11: Merch 13 56 (13 57),
May 13.70-13.73 (13.73), July 13.80-
13.32, Sept 13.9S-14.0a, Oct 14.11-14.14.
Jan 14.14. March 14 65-14.70, May
14 75-14.80. Sales: 4.270.

Tin— 745.00-765.00 (745.00-764.00).

CHICAGO. February 5.

• Lard — Chicago loose 22.25 (same).

Live Cattle — Feb 65.60 65 55 [&4.4T1.
Aord 63.90-6.7.95 (C3 20). June GO 80-
fptW, Aug 61.05-61.15, Oct 59.47. Dec
Efim

Live Hogs— Fab 52 2'1- r -2.50, Ann!
49.15-49 25. June 51.30-5140. July
52.10-52 20. Aim 50.90. Oct 48.55. Dec
49 W. Feb 49.40,

ttMaize-rMarch 273-273»« (274«i). May
2!M»4-2a5 (38C>4). July 2935-294, Sept
293.1:. D e c 304» r 3«. Mnrch 317.

Pork Bellies — Feb 73.15-72.75 (77 55t.
-March .22.60-72.50 (.72 C5), May 72.00-

. Thursday’s closing prices

NEW YORK, February 4.
ttCocoa— March 1931 (1926). May

•1991 (1951 ).■ July 2005. Sdpt 2045. Dec
207Cr- March 21 K.-- So Im: 1.840.

Coffee — "C" Contract: Merch 153 60-
153-70 J14P92). Mny 141 80-142.05

(139.951. July 135.10-135.50, Sept
121 10. Dec 127.70. Mutch 124 10-134.30.
Mav 119.01-124 PO. Sales: 3.720. ■

Cation — No. 2: Match- 03.90-W 00
(64.621. May C6 25-CG 35 (C0.77). July
fiB.15-G8.20. Oct 70.70-70.75, Dec 71.75-

72.70, July 72.10-71.75. Aug 70 10-69 7S.

t Soy a beans— March 647-64 ffi (660*2).
May E63-B63 1 - (667). July 677-677*2. Au^
631-080. Sepi 681. Nov BB9-688»a, Jin
702. March 717H. May 729*,.

IlSoyabsan MbbI— M arch 191.3-191.5
(192.8), May 132.3-192 5 (193.8), July
195.5- 195.7. Aun 196.0-196.5. Sept
1970-197 5, Oct 198 5-199 0. Dec 200.5.
Jan 201.5.

Soyabean OH — March 19.70-19.89
(19 821, May 20.44-20.45 (20.57). July

21 10-21.05, Aug 21.38. Sept 21.65-21.70.
Ort 21.95. Dec 22.30, Jan 22.48, March

22 r.8-32 70.

tWheat— March 370V27IP, (3714,).

Mjv 38GV386 (389M. July 396*«-396S.
Sept 412V412. Dec 434*. -435*,. March
451 **.

WINNIPEG. Febraery 5.
SBarfey— -Msrch 128 60 1130 40). May
121 in <133 50). July 132.90. Oct 134.10.
Dec 136 00.

•Gold — Feb 384 8 (386.1). March

387 4 (189.1), April 391.7-392.4, June
4/Y1 fl -407.0. Ami 410.9, Oct <20.7, Dec
430 8. Feb 441.2, April 451.7. June
ACT 3. Auq 472 9. Qci 483.6. Dec 494.4.

•Platinum— March 378. D (374.0). April
T74 r -37G 0 ( 378.51. July 384.5-385.5,

Off VIG G. Jan 41 1 fl, April 428.6.

ir Wheai — SCWRS 13 5 per cent pro-
tein enntent ctl Si Lawrence 245.49
I?4H 79).

All cenis per pound ex-warehouse
unless otherwise staled. • S per troy
ounce. 9 Cents per troy ounce.
♦ ) Cents per 56-lb bushel, t Cents
per 60-Ib bushel. f| S per short ton
(2. TOO lb). SSCan. par metric ton.
BBS per 1.000 sq ft. t Cents par
dozen, tf 5 per metric ton.

71. BO. March 73.50-73.70. May 74.40-
74.70, July 75.05-75.40. Sales: 5,500.
• Orange Juice — March 140.65 (141.85).
Miiy 143.83 (145.20). July 147.00. Sept
149.40-149.60. Nov 150 K. Jan 151.80,
March 153.05-153.30. May 154.30-154.60.
July 154.50-154.90. Sales: 800.

CHICAGO. February 4.
Chicago Imm Gold— March 389.3-
289 C (382.2). June 403.3 (395.B), Sept
417 8. Dec 432 9. March 448.5, Juno
464.4. Sept 480.5.

~ INDICES

DOW JONES

FINANCIAL TIMES

Dow j Feb. I Feb. [ Month' Year
Jonesj 4 | 3 | 'ago 1 ago

. Fftbl d': Feb. 5 :Month ago 1 Year ago

Spot- ;129,61 128.46 ) 127.19- -

FUtr*S 117.46 136.40 135.06 -

(Baca: December 31. 1874—100)

£60.96 £40.42.! 249.36 | 264.48
(Bases July 1. 1952-100).

. MOODY’S

REUTERS

Feb. 4 j Feb. 3 Month ago, Year ago

Feb. 5 -Fob. 4 .M'nth agolYear ago

1022.2 '1011.5 806.6 j 1168.4

1626.3 ; 1627.3 2604.7 | 1687.5

(December 31, 1831-100)

(Batts September 18 , 1831-100)

1 £ ;

|per tonne • .

February..

1 la9.W-SS.5 -0^5

April

.1 112. 60-35.17— OJS 135.2A-32.80

Off Idol K— ' -Unotficlall

Month

Alumlnmj «.m. S+ofi.. _j|+f r

,;Y«sterdys + or
( close , — i

Business

Done

-dime. .:v.. K8.1B S2.2 -O.M-1S2;70-i2.TO'

August 132.4B-M.7 -O.frfr lfri.M .

October ! 1SUD-S3.I -I.frS -

Dec 1HA0.S5;5 -0.70 “ '

Feb 154.50 57.S 0.50 _ —

.S4/os:_W (1CSJ lore of 100 .tonnes. . .

£ 1 £ £ ! £
Spot 508-0.5 H-3JB 598.6-600 +B.7B
3 monthsj 620.5-1 j + 2 621-.5 j+fi.7B

Aluminium— Ahernoon: Three months

£621.00. 21.6a Kerbs: Throe monlhB
£621:00. Turnover 2.000 tonnes.

NICKEL

!+or!

S.m. HK or) p.m. >+or
Official — ; Unofficial | —

. | . J -

• par tonno •

February. J 288.00 !+5.M'2fl3.50-H.B0

March™ i 280^5_, >0.75784.80- SD.Ofr

April ' 272.50 !— l.M 277.75-72.60

May > 270:60 :-2.M 27S.75-70 JS.

June ,' 27CL50 . - -

July 270.00 i-3.OOU5.7fr-7fl.80

August I 276.60 Ul.50 -

SepL._ : 282.00- ,+4.58

Oct. 1 286.00 +3.50. - _

Turnover: 2,330 (2,574 J lets .Of 100
Tonnes.

1 1 I

Spot 3110-5 1-17.5! 3005-00 i-SS

3 month*! 3190-60 j— 7 j j 3140-5 -IB
I i ' -

* Cuts par pound, t M$ par kilo,
t On previous unofficial doss.

GRAINS

Old crops oponed slightly lower,
new crops unchanged. Long liquids-'
lions and . hedge . soiling eased the
market by 20~30p until JcammerdBl
Support was found. . Art) reports: ,

SUGAR

LONDON DAILY PRICE— Raw auger
Cl 70. 00- (£168.00) a tonne cii Feb-March.

No. 4 Yesterday Previous Business
Con- . dose close ; - done

tract •. • j * j - -

£ per tonne

March l7B.50-7G.ro I73.3fl-74.0D 177^0-75.00
May..-. 179,90-79.25 177JW-77.5D 10D.0D-77JO
Aug„... 122.1DB2.20 179.8S2D.75.1B2^040.0D
OCt.;.... 1 86.00- 85.10 1B5.00.MJ10 ia^50i83J5

Jan 'I8fi.60-8fi.50 1M.00-85J0 -

March 1 90 JO- 90 JO 189,20 88 j0 ; 9 90.75-89
May-.-.'l0l.OO-9fi.06>l9DJI08l.0D' —

shipment. White sugar daily 'price
f 180.00 (£175.081.

The market opened about Cl .00
higher but failed to consolidate the
yams, reports. C. Czamikow. .
bialas: 3.317 (3.827) lots ol 50 tonnes.
Tate and Lyle delivery prico for
granulated basis white sugar Wes
£374 00 (same) a tonne fob lor home
trade and £280.50 (£278.50) for export.

iniemulionaJ Sugar Areement (U.S.
cents, pet pound) fob end stowed
. Caribbean peris. Prices lor Feb 4:
Daily, price - 13.16 (13..12): 15-dey

average 13.14 (13.13)..

POTATOES

LONDON POTATO FUTURES — Values
eased following the lower Dulch
' market.. Trade .was qu/er end ccnfined
to a Cl range on April all day, repons
Coley -and Harper. Closing prices: Fab
102.00. +0.50. (high 102.00. low 99 00):
April. 135.60, -0.90. (huh 12C00, law
125.00): Nov 0880. -0.10. (untraded).
Turnover: 2C7 (313) lots of 40 tonnes.

WOOL FUTURES

LONDON NEW ZEALAND CROSS-
BREDS — Close (in order: buyer, sallec.
business). New Zealand cents per kq.
March 374. 37B. 377-375: May 380. 385 •
389-386; Aug 398, 400. 4Q1-39B; Oct

400. 401, 404-399: Dec 402. 405.
403: Jan 406. 407. 407. 405; March
419, 418-417; May 424. 425, nil;
435. 438. 436. bales: ."10.

SYDNEY GREASY WOOL— Close
order: buyer, seller, business). Au
lian cents per kg. March 503.0, 5
503.5-501.0: May. 512.5. 513.0. 5‘
512.0; July 519.7. 522.O. 521.0-5
Oct 519 9, 520.0, 520.0-518.0:
522.0. 523.5, 522.5 522.0; March 5
5290, im traded: May 533.0, 5:
untraded: July 536 0. 539.0, untra
Sales: 73,

COTTON

UVERPOOU-No spot op shipr
sales were recorded. Operations v
at a minimum, with users still re
lant to anticipate thoir needs. (
occasions] support was evidnn: in
more popular styles, although into
in Middle Eastern growths
mentioned,

*

GRIMSBY FISH — Supply f
demand good. Prices at ship's
(unprocessed) per stone: Shell
£5.00- £6.60, codlings £3 .80; large p
Q.60-E3.80. medium E3.40-E3 60,
small £3.40- C3. 80: large lemon s
£13.00, medium £10.50,

18

Ariel Inds 29 ft 1212) '
Arien E'ectr.cal 2s i3 Z>

BANKS, DISCOUNT (674)

Alexiiuler* Discount 24 S 7 5a —

Ail-ud Irish Banks l£l.OS iti n» *c ■» Arlington Motor Hldgs 87 8

1 0aeLn. 106 {l,2i ,fc1 '“ 7 BS 7 - I Arm.teg* Bros (£1) SOO*

4BSSSCSES ASS- » '■i'ssr ore “° "”‘ Ln 66U

4 DT J a N |f s |“ l ™ =« J 7 SG 2. j

Financial' Times’ Saturday February IB 1982

□o. Dfd.

“5"" America S-B ta 2 )

»?;’? L *, um ‘, Le- Israel 6 i2.2J

Armstrong Equipment il Oni 33 ij 4
Amine Hldgi HOpi 38 i2/2)

Arrow Chemicals Hldgs 43
! Ash and Lacv 272 il'ZI
__ ! Ashbourne ImcF-5 ftbPCLn 80

aas _- .—..7 Ashler Industrial Trust 539

Bank Of Montreal *35- ™ , _. • Asprcr 6:.iiKf>f flE1» 49 SOI; «29'1)

Bank of Nw? = ! Asaro- Nichole* 5 'ipcPI t£1i 38 i3I2i

9 70 SOuttl wa'es '1*1) 163 5 ■ As*d Book Publishers <20pi 3159

Bank Of Scotland iicn , * , Asscd British Engineering .’12b0> 30 1

Barclays BMk in Is^Vt 4 . a 1 British Foods i5p» 146 7 0 g J. 30
1 2 3 5 Ltu 463 S 6 7 8 9 70 ; Astcd Com mimiu front 73 4 Ij Sb

Barclays I nr C1IA , -» i Assed Dairies 7<<pcDb S9

Brown *Sh-3iy 7 «£n L 223 5 y *® ! Aucd Dairies Group T4Q 1 2 3 4 8

Canadian imserfl i^2) i ? 2 it ■», l Ass « l Elertnoil Inds SoeDb £88 1;®

Caewr Allen let i n 2> Aim) Fisheries 67 B 9 70

U* .3 3, i ® £§&£« 1« *

Bridgend Proc e s se s Ord. C5S1 *b

Brlsto, 7B r, J BO

BrtopprtCundm fHld^rt_(2_Op). 20 (3 2)

Bristol Evening Post 210 3
British Aerospace fSOpi 192 3 b 4 5 8 7

a 9 zoo i n v_-
Bmhh and American Film Hldn (5s) 77

British Aluminium (50 p) 70
Brush Benzol Carbonising OOrt IB
Brimh Car AsctMn Group MoA 79 80:
CO '<nl

British Dred^ln^ 32 -

Clivp Discount i20p) 23 4 5 6
canmici'ZtMnk AG /OMfaOi 30.3 1291 II
Deutsche Bank AG 03M50) 62.7 (29 If
Cward National 263
Gi.lett Bras. «£l) 1B7 (3 2}

Gn.ndlavs Hldgs. 207 12
Gumtess Peat Gro. 72 k } S 7 I
Mamiwos <5p) 150«* 2 4 5 7 B
Hill Samuel 154 S 6 7 8
Hons Kong Shanghai Banking iSHZ.50)
124 ■; 5 ’i S 7 !

Jesse! Tovimee 54

King Shassun C20p) B7 (3 2]

Kleinwprt. Benson. Lonsdale 229 31 2
Lloyds Bank (£1} 460 1 2 3 4 S 7 0.
7<;pcLn. 125 «; 6
Mercury Securities 220 2 3
Midland Bank (£1) 335 7 8 40 1 2-
7 ;bcU>. 69 t;

Minster Assets 71 i; 2 3
National Bank ot Australasia fAsli 164
National Westminster Baftk i£1i 410 25
7 0 30 1 b 2

Ottoman^Bank iBr.) (£20 with £10 Pd.i

Rea Bros. B5 90
Roval Bank of Canada (CSt) £1 1
Royal Bank of Scotland 1201 2 ht k >>
3 '• 4 5 S
Schraders (£li 410 5
Seccombe. Marshall and Campion i£1) 208
10 4 (3.2)

Security Pacific Corpn. (SIOi 20.- *3.21
Smith. St. Aubyn (Hldgs.) 3S ■« 7 it 1 2 S
Standard Chartered Bank i£1i 693 S 7
700

Toronto- Dominion Bank (CSIt 12> (1.2'
Union Discount Co. pf London r£t) 455
B 60

Wells Fargo and Co. fS5j 13
Wintrust (2 Op) ISO

BPcPf (£1)

Asscd Paper Inds 58 9 60 1
Aucd Sprayers <10p> 27 U 9 <2'Zl
Arsed Tooling Inds 53
Astra industrial Group HOpi 10); lb
Atkins Bros (Hosiery) SB 60
Audio Fidelity (10p> 14 f3'ZI
Audiotronic Hldgs (ion) 6 ■: 7
Ault Wlbora Group 3?

Aurora Hldgs 18 '< ZOb Z.

35 (S'Z>. 8.25 pc Pf (£1) 36
Austin (C.) Son 28 <3.'2l
Airi'ln iF.) (ICoi 7'

Austin (James) Steel Hldgs 66 (212)
Automated Security i Hldgs) HOpi 180
12 3. 0prPt '£1' 790 <2911. SPCLn
149

A automotive Products 52 3 4 5 7
Avana Graup <£p) 263 5 6 7 8
Ajo« Rubber Co. Its 9 20 1 2
Ayrshire Metal Product 44

British Electric Traction DM 149 S 50 1 2
■rltisti Home Stores 140 1 2 3
Br thh Mohair SPhiners 49 i ; go
. British Northrop (50p)-16 iZIZ)

I ^ t ?£2? t * aln SB,e,al,lle * GrafP- IZ0D1 93

|riljM Sugar Corp (ffOp* 3BS 7- 8 9 400
[ British Svnhon Industries (20pizg
I British Tar Products riOo) 42 b 4
I gttgj Vjj^'nyBduptrhB (10p> .13*; (2|2i

Brockheuse 38': 9 b 40
Broken Hill Proprietary ISA 21 533 5 7 40
I 2 5 ! SO 2 j

Casting and Machining iBpi

Stock Exchange
dealings

Bronx tngincerlng Hides (lOol 12 3

iu o> Mayfair (iQp) 30

Brook Street Bureau ..

Brooke Bond Group 54 1; s b fi

Jb 7

a i2.2i

9oc

BREWERIES (326)

AlUcd-Lvanf 78 ^ 9 k 80 »; 3
Ama I, Disilleti ffrods. O0p» 70 1.

Ln. T40
Bt» 21 5 6 7 l- B 9
Baju lovs. 6pcLn. 55 (2.2)

Belhaven Brew. Grp 22 Jk 3

itfO I 2 3. BbPC

Bell lArthuri Sons <50p) 1(
Ln. 130

Boddlngtons Brewv ISON 1 :■ A
Border Brews. •WrMhamt M l2 2)

Brown (Matthew) 174 9
Buckler's Brew. 46 7
fiulmer >H. P.i Hioas. 2S6 B 90
Burionwcod Brew. iFonhaws) 400
Clark iMatthewi Sons (Hldos ■ 16B 70
Oarenports' Brew. Hldgs. i 1ZS
Dtrcr'sn 'J. A. i 360
Distillers 166 7 8 9 70 1 3

Gr rrrall Whilley 120 1 '■ 3 4 5 6
Greene King and Sons 296 4 i3 Zl
Guinness lArlhuri Son 71 2 3 4 )> 5
Hardy and Hansons 35B i2>2)

Hcavitree Brewery (£1 ■ 103 i1.2i
H ighland Distilleries (20pl 76 7 8 BO
Hlgsons Brewery 64.>y 7 r B (3 2i
Hon (Jeseohi 550

Invergorden Distillers iHIdgii 157 H 21
Insh Distillers, Group il£0_25i l£0.51 p4 3
Macallan -Glen 1 1 vet 450 (29 1i

widMikin-uimiivn 4ao US I > r I TT • * vi»

Macdonald Martin Distilleries A <50oi 340 j

BASF AkUPogesollschaft Shs. ' of
DM53. TOO. 200. 500 and 1000 each
(Can. 531 S58’« (3(2)

B.A.T. Industries 395 400 1 2 3 A 5 6
7 a 9 10 2 3

B.A.T. Stores 4 ->jocUi. 2003-08 32 (29 1)
BBA Group 37

BICC (50P) 517 8 9 20 1 2 3 b 4
BL 150cl l« 7 1 t 20
BLMC 6ocLn. 1998-2002 £30':. 7bpcCnv.
Ln. 1952-87 55 b

BCC Internadanal 1«3 4 5 b >a 6 7.
9pcCn*.Ln. 2001-05 £128': 9 30b
8FB Industries (50pi 373 4 5 6 7 8
BPC 30b I > 2

BP.M. Hold lugs Nan-Vtg. 8 Ord -Site
92 (3(2)

S.SG. International ilOo) Mb S 8
B5R nop) 1* ij 5 6
BTR 358 9 60 2 3 4 S 6
Babcock Infl. 103 4 5 b 6 b
Baweridga Brick 59
Bailey cSen) Construction 15b (2 21
Ba'ley (C.H.) flop) 7. 8 (lOp) 7b

bird tw.llum) (£1} 197 & g 200 1
(3 ; Z)

Baker Inti. Cpn. (511 £18
bkor Perkins Hldgs. (SOp# 101 2 3
bkers Household Stores (Leeds) (10o)
1500

Baldwin IHJ) (10B) 13 riizi
Bambcrs Stores (1 Op) 63 (312)

Banks (Sidney C.) 144
Bcnro Consolidated Induet. C20p) 60
Bardscr (10or 15 7. 7peCay.Rcri.Prf.
i£T) 61 ( 1 / 2 }

Barge: 175

Barker Oooscn Group (lOp) 7 <j 1* 8
Bar lew Rand rRO.IOI 430
Barlows i£1l 137 : 407 (2(2)

Barr 223 S (29.1)

Barr Wallace Arnold 64

Barratt Developments (10p> 237 8 9 40

Barrow Hepburn 34 S 6

Barton 32

Bassett 712 4

Bath Portland 74 5 6

Batiers (lOp) 64

Beales <20pi 35'; 7 (2.2)

Beatson Clark 196 7 9

Kraafee Tool Engineering' (Hldgs) 36

-201 lr£0.Z75

Brooks Watson Grand (Ir£0._.
Brotherhood (Peter) (SQp) 136
Brawn end -Jackson <20p> 25- T
Brown and Taws* 154 7
Brown- Bovcri Kent (Hldgs) 22

I 'll

The list below, restricted mainly to oqultiei end eemwt&le stocks, bss been
taken with consent from last Thursday's Stock Exchange Officio! List and should
net be reproduced without permission. It shorn price* at which business was
done In the 24 hours up to 3J0 pm on Thursday ami settled through the Stock
Exchange Talisman checking system . . *

The pWcw *n order Of Wwaithm, but in ascending order which

denotes the day*i highest and lowest dulmg pnee.

For those securities in which no business was recorded in Thursday's Official
List the latest recorded business done during the previous four days

Is given with relevant dates appended. The number of bargain done on
Thursday in each section Is shown against the respective mb-hceding*. Unless
ot herw is e indicated the shares are 25p hilly-paid.

: Bargains at special Brices. & Bargains done with a mxuitmbe or executed In

oversees market. O Bargain done prevtaa day. SA— SAustraJIan; <8 5 Bahamian;

3C— 4CaMdla4: SHK— SH«« ; Kong: *J— 5jKnateM; SMa— SMalayan s5^_ ^Mexican;
SNZ— rSNew Zealand: SS— ISIMapore; SUS— SUnltcd Staten SWI — STTest Indian.

Brown i John) 63 4 5 'irTi' 6
N. Inv tQO 2

A NV

Brawn . .

Browntce £3 4 5

Brunn'na Gp 95 (3-2)

Brvn»n$ (MiiHelburgin -112
Brvant Hldgs 80 1 2
Bulgln A. F. (Spi 25b (3)2).

■5pI 25:-
Bu Hough <20 pi 1 78
Bulcier & Lumb Hides (20 di 44 5
Buns'- Oulp & Paper 161 Z (3<2i
B urco Dean 42 4

Bijrqess PdK Hldgs 50 1 (1 Z). A NV 44

: Bur'ndme In'* 7 (312) .

j Burnett & Hal lam ahlra Hides £9.3 b
Burns-Andrrson floor 28 9. 1 1 DC Pthr

Cnv Ln 1983 88 -

Burr Boulton Hldos (£1 ■ 215 (2 -'2) ■ -

Burton Gd (50p> 150 4 2 3 4
BUtterfteld- Harvey 22 i s

Mansfield Brewery (£1> 325
Marsren. Thompson and Evcrsbed 73 4
Morland 2110

Scottish and Newcastle Breweries (20m
54 b *• 5 6 li 7 b

South^ African Brewenei (ROJO) 207 9

Toma tin Distillers 59 60
Vaux Breweries 125 6 7 9 32
W-twter rcarnueli Sons 35b <1(21
Whitbread A 102 3 4 S 6
Whitt r»ad Ipy. ice
Wolrertiampton Dudley 216 20
Young A (50 p> 240 (3 2)

. Cio) 28 I3.2i

Bcaxer >t0o) 142b 3U 4
Beckman HCe) 82

Becriiam 246 9 5D 1 2 1 4 V S k f u,

C—D

C H. I ltd (10m ^2 ...

CPC Int Inc (30.501 20*. <342n

Cable & Wireless (SQai Ul(S«hTlt

Cadbury Schweppes 92 *» 3 b a* 4 i»

CaByns (50pi 128

Ciird A. & Sons .(£1 1 240 (2'2t

Cakebread. Robey A (10p) 38': (3 21
Cam bridge Electronic Ind. 112 3 b 4
Camford Eng 1B>: 9 b

Campari Int <20p)- 52
Camrex (Hldos) (20o> 38 9 b

Canadian Pacific Enterprises Nov 7.4 lj

Canning W. 67 (3(2 1

Cantors (200' 52. A NV (20c! 35 6 7

Caparo Ind 29

Cape Ind 176 <3'2)

Capper- Neill (IDp) 63b 4 b 5
Capseata f5p* 41
Caravans Incnl. (20p1 22 >: 3 b
Canclo Eng. Grp. 66 (3/2). 10pcRd.PT.
(£1) 84 12 2<

Carless Caoef Leonard (IDp) 149 SO 1 2 3

Foster (John) Son 29b

FotheralH and Harvey 126 7 (312)

Francis Inds. 81 2

Francis Parker (1 Op) 20b <3/23

Freemans 1 36 40 3

French Kicr Hldgs. 99 b 108 b

French (ThomM Sans Cl Op) 122 32 CV2)

FriecHand Doc Bart Grp. 91 <!5j2t

Future Hldgs. 76 (4/2)

G— H

Ltteal_ lndustria <£t) 213 4 5 6 7 8-
3 9 30 1

20 3 G 7

Lyta (S.) i2flo) 79
Lyon Lyon 60 2 C2<2)

» 68

G.8. Papers 22b
Gei Intnl -71 2 3 4. lOgc Ln 68 (2/2)
G.R. (Hld^s.) 250 (1/2) ^

Gall Herd Brindley <Sp) 63
Garter* Ulley Inds fflp) 28 ire
Garner Booth Si (22)

Gpnqo Eng <10p) 24 9 0/2)
Ganow ‘ * ' “*

^rtons (fOn) 9b
Gates (Frank G.) 6T
Gaunt (Rowland) 45 50 (1/2)

Geers Gross (10n) 110*

GeHar (A. and J.) 33
General Eke. 837 8 9 40 1
7 8 9 SO 2

wrogu Elec. Oyer* Cap. SiioeLA 75b

2 3 4 5 6

!s rtftt i* ?*■ 602 *=• °°-

& , gp. D ^Vi 0r * w ”

COMMERCIAL (9^19)

A — B

AAH Hldgs. 87 > 90
AAH Hldgs. 27Z 90
A B. Electronic Prod^ 123
AE 51 > 2 >: 3 b 4 b S
AGB Research >.10pi 276 8 80 2
Al Indl. Prods. 14 5b

A iP V.^Hidgs , 500) 262 7. lOJaPCLl.

Aeranson Bras. (IDp) 44.

Abbey r|r£0.2S< lrtO.45
Abbey Panels Imrt 88
Abhfttt Lab. 15', <2 2)

Abercom Grp -H0.30) 16B
Aberdeen Constrctn. Gp. 205
Aberthaw A Bristol Charm. Porrl. Com.
370 1 80

Abwood Machine Tools (10pt 8 >2 2)

A S7"w 7 ®-.. N -, v “ 47 1; i> so. ape

Ptly Cnv Uns Ln 50
Adams & Gibbon 73
Advance Services flOo) 54 (2- 2)

Ad-eW GA 188 90 1 2 3. ID rOCLn.

Acrlinte Eireann Tea ran ti lObpcDb. 71 -
Aero Needles Go. 20 (3'2l
Aeronautical & Gen Instrumta. 220

SpcLn. 340 n-Z)

Bcecbwcod Construction (lOo) 21
Belam <10 bi 126 8 9
Bell Canada (CS8i> 770
Beliair Cosmetics (lOp) 12
Bellway 86

Bemrese ag MT; *3 2*

Benford Concrete HOP) 66 (3 '2)

Ben lew OOP) 25

Benn Bras 98 12/Z)

Benson's Hosiery 12ocLn. 54 S
Ben tails 'lOo) 39 40
Beret 156

. Berlsfcrd 132 34S678
■Bertrams 16 (3'21
Berwick Timpo 3Bl> 9 40
Besicbell 370 5 6
Bestwcod I15pi 115 21lrit 2t 2
Brtt Brcs 12 Do) 49 i'I/Z)

Beiraa tSpi 140
Bibby rson) 316
B-ddle 145 (2i2)

B. furcated Engineering 35
Billam nop) 90

B.rnrid Qualcast 28b *i 7 l] 1 b

•: '2,2»

6 7 a

African Lakes Cora. 23
Airflow Streamlines 16 <112)

Albion I20pi 11
Alcan Alum in. 10 >3 2)

Alexanders Hldgs. mop) 9>i
A llebone A Sons tiopl 32b
Allen (W. G » & Sons 40
Allied Colloids Gp. HOpi 175
Allied Plant Gp. (10 d) 15;. 6
Allied Residential (lOp* IS" 20
Allied Suplrs. 6ocLn. 63 (2 2l
Al ied Sunlrs. (Hldgs.) 4: ; ocPf 26 b (1 2)
Allied Textile Comp. 200 1
Alpine Hldgs. <5 p) 54 5 6 7 8
Alpine Soft Dr.nks «10p) 67b <2 2)
Amalgamated Metal Corp. i£1 1 5S7
Al"$r pay Hldgs. aOpi IS'; (3(2l
Amber Indus. Hldgs. t10o> 35 (1'2>
American Medical Intertl. (11) 13', (2 2)
aS n r T,,w,,an * t , 4 Tlgph. (116. 32 1.
Amstrad Consumer Elec. 2)0 3 7 8 20 3
Anchor Chemical Go. 81
Anderson Strathclyde 97bi Bi 8
Anglia Television Gp. N-V A 125 6 8 9

Applied Com outer Tech (H/dgsi HOpi

■5p) 36 rl 2). A '5 p)

1 BO 1 3 5
Arnjsruturo Group

Arcolectric (Hldpsi <Spi 17 ai 2 \

tSSnj*.-' !2l a * t, ' 1Ql ” 25

Argyll Foods riQpi 106 8

Birmingham Mint 1*78
Birmingham Pallet flOol 42 4 (29/1)
BrahCB'5 130
Black Edgington rSDo) SO
Black >25 im 85 11-2)

Black Arrow (SOoJ 32 3
Black 237

Black wood Hodne PLC 23 I- 5 b .
Blagden and Noakes (Hldgs.) 118
Blocklers Ord. (20 p) 122 (3.2)

Blue Circle Indostt. Ord. (£li 542 4 5
6 8 SO 1 2

Bluebrd Cenfect/enery Hldgs. S4
Blurmel Bra; PLC 25 6 (2 1)

Blundell. Permcalaxe 9B 9 101 4 S b 6 7
, Boardrran K.O.i Inti. Ord. rSoi 7i<

I Bndycote Inti. PLC 59 60
I Bacing Co rS5' 11 "t (28. 1i
Bs'tor Tevtile Mill Co Ord. (So) 16
Booker McConnell PLC 65 6 7 i«t 8T 9
Bcrsev and Hawkes 130 (1/2)

Bow 'Henrvl and Sans Qrd. (SOo) 200 1
ROTth John) and Sons ’Bolton) PLC 3»
Boots Co. 213 4 5 6 7 8
Borttixnck (Thomas, and Sons Ord. 050 o)
17 b 8-- 9
Boulton (W.) OOo) Bb
Bcwa'.er Cora Ord <X1 > 223 5 6 7 8. 7oc
Uns.Ln. 92-97 97 (2*2. °

tawat-r Newfoundland Oi-ncPf. (£1. 26
Bowthorae H.dts. riOp) 214 6 8
Pr-h- * e*«)~ Owl -10oi 43
Bvrfy I mj ■'’**. 6? 2'21. A Ord. 48

Bmhxm Millir Gro. Ord. flop) 24 b
Bra d Gra Ord (5p) 38 40

Co. Engineers ULC Ord.

Ifcl 1 jZ30

Bra mall (C D.) 107b Cl 2.

Brimmer (Hr and Co Ord. '20p> 1«5 6
Bra non Orr. (£t 1 43 (3 0-
■ r *»'V v ,r- c 0rd - tl Op) 56. New Ord.
(1 On) 56

Breeden and Cloud Hill Urge Works 168
Bremrrer and Co. 46

Brengreen -Hides.) Ord. ilOo) Sib 2 1. 3
Brent Chemicals Inti. Ord. (lOp. US 7 a
Brent Walker Qrd I5P) 69 70
Brickhouse Dudley Ord. (Idp. 44 (3 2.

Carpets intnl. (SOp. 22b 3 b
Carr i J.l (Don.) (2Sp) 73
Carrington Vivclla 13. b b4
Canon 24

Carr's Milling Inds. 72
Cartwright -R' HOdi 47®

Casket (S) >10pi 27 (312)

Castlings .10P> 33b® 4®

Cattle's itOp. 26b 7

Causton .Sir J.) Son 34

Cawdaw Inds. Hldgs. lib

ca woods Hldgs. 206 a 1 1

Celestion Inds. <20pi 15b 6

Celtic Haven (&P> 12

Cement- Roadstone Hides. (I£0.25i 63b

Cent. Sheerwood i5o) 13 'a £ 4

Centreway (50 di 115

Centreway Trust (50p1 72 fl 2)

Chamberlain Phipps ilOp. 46b 9 b 50 b

Chamberlin Hill 55b >3/2>

Chambers Fergus <Sp> 32
Change Wares (20 p) 20 >3/2.

Channel Tunnel Inn. <5p> 165 *

Chapman iBalham) <50 pi ISO

C hemring .Spi 291 bt 31

Chloride Grp. 31 2 b b 3 b *« 4 « a 5 •

Chrlst/e-Tyler HOP) 34 5

Christies Intnl HOpi 132 4 5 6 B

Christy Bros. Z9® -

Chubb Son .200. 106 7 8 9

Church Ca. 175

Clarke (Clement) (Hldgs.) 131 <1/2
Clarke T. Co. (10 p) 23b (2/2)

Clay I Richard) Co 41 ■

Clayton Son Co. IHIdgs.) (SOo) 67 70 1
Cllnord'i Dairies A Nan-Vtg. 127 6
Cfcndaikin Group l£0.77 C3r2)

Clyde Blowers 140 .2*2)

Coalite Group 126 7 S b
Coates Bra* Co- 64b. A Non-Vtg- 64 5
12 2 }

Coates Patons 64 b s b 6
Cocxsedge (Hldgs.) 24 i3i2)

Cole Group SB

Collins iWlHiam) Sens (Hldgs.) 230 3
>1.2). A Non-Vtg. 175
Combeo Group (10o) «3b 4 b 5 6
Combined English Stores . Group (I2>:p)
36 7 8

Combined Technologies Cpn. Cl Op) I9>,
20 ’*»: l; 1

Comet Radlovlslon Services C5p> 126 7 Vt

Comfcrt Hotels International (I Op) 19 b
- 20

Computer ft Systems Eng (2 Op) 236 7
Concentric (10m 45 b 6 b
Concord Rota Ilex (10PI 54
Conder Int 75 (2.2.

Continuous Stationery (lOp) 28 9 (1121
Cook (William, ft Sons (Sheffield) 12 Op*
T7b (3121

Cooper (Frederick. Hldgs (10 p. 20®
COoper Industries (10p) 1 2 V :

Cope Allman Int .5m 43 4 s
Conydex MOp. 41
Corah 3B is

Cornell Dresses (5pl 165 6 8 9 70 1
dorr (Horace. (5p. 14®

Costal n ^Gp 270 2 4, Dfd 240 4
Country s-de properties 116
CourtauldS 79 80 b -‘4 1 b 2
Courtney. Pop* Hlogs (20fl. 53 (3/2)
Courts (Furnishers. 69 74 (29.1). NV A

Cowaic de Groot.flOp) 36 b *. 10'a*

g| n and Du Bus Grp 172 4 5 6 7 8
GlankcW Lawrence 49. Do. fl 2 A
aasgow Pavilion (10 b] 40 (3/2f
Glass Glover Gra. (Sn) 113 S
£ 7M dB » S 83 CS S P> - 474 ® 6 7 6 80 2 4.

GtoSSS'78‘ 80 ', C '? t ™ a0r ^ M

< 6V”L d 111 h 2 >Z 3 4> 1963-48

Ggime Photographic Products (lOp) 53

Goldberg (A.) Sea 55®

Goldman *H.) Group (loot 30 (3'2)
Gomme Hldos 27 6 30 (2,2!

Goodklnd (W.) Sons (10O) 37 (1/2)
Goodman Bros (5M 11
Goodwin (R.i Sore- (Engineers) OOp) 11
Gordon Catch Hldgs l« S 7 (3-2)
Gordon (Luis) Group (lOo) 31C "tji ra-2)
Grampian Hldgs 59 60b 12 3
Grampian Telwtewn N-Vtg A (10 p) 37
Granada Group A 241 2 4
Grand Metropolitan <50p) 197 ■ 9 200

Grattan : 102 3 4 5 6 7 1
Great Universal Stares 495 7. A 497 8
9 90 1 2 3 5 6

Greatermarts Stores (RO.SO) S55 (2/2).

A (RO^OI 520 (2 2>

Greenbank Industrial Hldgs IlOp) 28
Green/leldS Leisure <T0p> 24
Green's Economiser Graup 144
Grimahawg Hldgs (20 p) 13
Grlpperrods Hides HOpi 130 7
Group lotus Car Companies (lOp) 23 8
Grmebeli Group (Bp. 6 rs 2)

Guest Keen Nettlelolds (£1) 1S1 2 b 3
4 5 6

HAT. Group flOM 75k S lj 7 b

Ship

project to
have £100,000

THE National Heritage Memo-
rial Fund is to give up to
£100.000 to the Mary Rose pro-
ject at Portsmouft on the basis
of a pound for every pound
raised.

The grant is to help raise
Henry VIITs flagship from the
bed of the Solent later this year
and to conserve objects re-
covered from the hull.

The money is being made
available to the trust in instal-
ments.

Guinness Mahon
competition

GUINNESS MAHON is starting
an annual competition open to
aH students of UK nationality
on postgraduate courses at
business schools.

The 1982 awards — first prize
£5.000 — wpH be given to the
best 5,000-word essays on the
question: Is British manage
meat doing enough to capitalise
on changes in market conditions
and new technology?

Crrar Nicholson 1 (109) 89 90
Crodx Intnl I TOP) 74 5. Dfd (lOp) 51

Crcmlte Group 29 30 b

* am

Crtrabv WoodhcloilOBJ 8b

Crouch TDcrpk) iZOd) 148 •

Crouch Group 104 6. 9pe Ln 67 (212)
Crown Homo 67 8 •

Cn.wtMr. .(John) Group SI (3 2»

CrvsUUte (Hldos) «5oJ 90 b 1 b.

CuMgp’s^Storre «20p) 250 .1/2) . >

Curnrs Group 196 . ■

Cuisine Proourty Graup i20p) 87

9MK

□RG 69 70 1 ‘ .

B ile Elertnc Intel 72 B A
slgety (£11 330,1 2 3 4 S
Danish Bacon A (E1J Mil (2) . .

Danks Gowerston 42 4 «3I2)

Davies -and Metcalfe <10 p) 33 4 (212).
A 1 N-V) OOP) 49

Darles Vnd ' Newman. Hld^69 72 4

Davis 'God I rev » Higgs

Corpora tlon 159 60

Dawson Intnl 139.41 3

Daw

'2

60 1 2

EUROPEAN OPTIONS EXCHANGE

Series

Feb.

Vol. Last

May

Vol. Laot

Auo.

Vol. Lest

Stock

GOLD C
GOU) C
GOLD C
GOLD P
GOLD P
GOLD P
12^4 NL 81 87-91
C F.110

S40Q>
S425i
64B0i
S375I
5400 1
S485|

10 1 a.10

3.50

45 17

5 11.50

10 i 5.50

I -

— ■ £384.75

3

5

20

16

89

42

200

April

July

I 0.50
Oct.

IF.107.40

AKZO C

F.22.501 89

9

—

' 37

; 5.80

F.27.30

AKZO C

F.26

359

2.80

*9

3.70

I -

1 —

„

AKZO C

F.27.5C

177

0.90

| 142

1.60

| BO

: 2

AKZO P

F.23

—

—

65

0.60

—

i —

„

AKZO P

F.37.5C

—

■

102

1.30

! 4

l.BO

tf

AMRO C

F.5D

35

1.40

1 -

—

4

; 3.50

F. 48.50

HEIN C

F.4»

3

8.60 1

—

—

—

F.53.30

HEIN C

F.S5

76

1.10

30

2.50

—

99

HEIN P

F.S& 6

3.20

—

—

—

—

HOOG C

F.ia

ia

3

—

—

-

F.17.50

HOOG C

F.17.S0

39

1.20

29

1.60

10

2.10

HOOG C

P.20

10

0.20

—

1 —

ISM C

sea* -

—

4

3lg

—

— •

863 i a

KLM C

F.BOJ

25

7.30

5

9.50

F.84.20

KLM C

F.90

71

3.20

23

6

w

KLM C

F.I DO

43

1.60

—

—

—

KLM C

F.I 10

30

0.70

5

1.80

—

KLM 0

F.120

20

0.20

—

—

—

II

KLM P

F.80'

38

2.20

12

3.60

—

—

KLM P

F.90,

S

7.90

53

S

10

9

KLM P

F.100J

40

17.50

—

—

NEDL C

F.140|

10

1.80

—

—

— ; F.151.80

PHIL C

F.20,

173

3.70

28

4

—

— ;f.23J0

PHIL C

F. 22.60i

23T

1.70

98

1,90

67

2.30

• 9V

PHIL C

F.23j

389

0.60

398

0.90

142

1.40

PHIL P

F.23.60'

0.40

31

0.80

20

1

„

PHIL P

F.85j

6

1.70

-

— .

—

»

RD'C

■F.BOj

36

6.70

~

6

8.80 iF.82.60

RD C

F.90]

73 ;

1.70

21

8.70

21

4

RD P

F.701

10

0.70

re.

RD P

F.80;

1.70

—

—

24

3.80

PI

F.15&.50

RD P

F^Ol

14 |

7.50

—

—

__

—

UNIL 0

F.lSOr

31 1

[1.80

3 11.80 B

—

UNIL C

F.ieo

61 ,

4.10

6 i

SB-

_

UNIL C

F.17Q.

6

0.90

- 1

—

0N1L P P1S0| 19 l 0.90

TOTAL VOLUME IN CONTRACTS:

A= Ashed B= Bid

- 1 ~

4019

CraGsll

—

P

=PUt

fl

De La Rue 705 7 Id IS 3b* 3 ! 7.20
De Vere Hotels .and 1 Rptaurana ,182 3
Deanson (HldttS)l10u)23 (212)

Debenhams 78 9 b 80 b 1 b. 7iOC Ln

dI?u* G roup 52 b 3 U ’■ 4
Dennis 'James H-. OOp.1-9 ri/2)

DemsoW S'-scLn. 61'*

De!» Stamping rsop) 83 (3/2.

Deso utter Bros. (H I d g v. 100
□ewhlrst (J.) 'Wdgs-i non) 96 9 90
Dcwhurst Partners Cl Op) 15 (3/2). A
.N-v) non) 13b « 5

Dewhurst Dent (20 pi 8b
Dickie .James) Co. (Oroo forgings. 18b
20 (2/2!

Dlnkle Heel (5p) 8V

Diploma tlOp) 225 7

Dixon VDavIdi Gra. 112

Olyons PtiotaflrtPhlc HOpi 173 80 1 S

DDhM.rt'pVrk teds, vt Opt 83'* 4 »a 5
dSubu's h4.) Hldgs 82 3 (2/2)

Dow Chemical tSZ-SO. 12*a «'2.

Dowd.no Mills HOP* 30 lb
Downlehrae Hldgs. ilOp. 18 9 (2/2)

Dawns Surgical '10o) 23 4 •:

□owtv Grp. iS0o< 123 4S6789 30

Drake Scull Hldgs. ;1 p» « S
Dreamland electrical Appliances (10n> 22«*
3

H.T.V. Group 120 1 2 3 l|

Habit Precision Engineering (5 p» 12 b

Habitat Group flOol 123 6. New CICp)
123 b 4 b 5

H^M C Eng 2 mlerteg (Hldgs.) (SOP) 165. 7bpe
Ln. 112 (29/1)

Hall (Matthew) 221 l« 2 4

HalUm. Sleigh anH Checton <10p) 9 13/2)

Halliburton ( 52 50i 25b (3/2.

Halllte HHm. (50pI 207

Halma nop) ill

Halstead (James. (Hldgs.) riOp) 56 7
Hiniwn Industries .Spi 9b *«

Hanger Inys. (10p) 25 6b 13/2)

Ha nova Imrst. flop) 37
Hanson Tst. 149 50 1 2 3 4 5 6. Now
(fully Paid) 150 1 2 3 4. BbocLn. 160
7 V (2 '21. 9'.ncLn. 116 -, 7
Hargreaves Grp. r20p) 49b 50
Harris (Phillip. .Hldos.) (ZOpI 81
Harris Queens way Grp. CKo) 136b 8

40 2

Harrison Cowley (Hldgs.) i5pi 73
Harrison (T.C.. SO 2
Harrisons and Craskeld (£1) 7b H U
Uw

Hartwells Grp. 82 (3/2)

Hawker siddeley 336 7 6 9 *0 1 2 4
5 6 7 8 9 50-
Hawkins and Tlpson 28b 9
Hawlcv Gro. 77 8 r. 9
Hawtln .So) 6'. 7
Havn« Publishing Gro. <20pi 137
Hariewood Foods (20 d< 213
Heaolam. Sims end Coggins 0p) 54 6.

New (501 54 (2121 .

Helene of London mop) 18'a b (3/2..
Helical Bar 19 .291)

Henderson fP.O Gro. ISO 2
Henlvs <20t>) 101 2 3 4
Hem-loues (Arthur) MOp) 19 (2/21
H»pworth CeramM Hldgs. Ill b 2 b

Heowbrth (J.l and Son (lop) B4 S 6 7
Heron Motor Group 32
Heitalr 38 9

H rw dr rv Stuart Plant riOp) 34 5 6
Hewitt U.) Son iTemon. SI
Herwood Williams Grauo 34 b 5 (3 2)

HIckioS We^°rifw|s n ) 3 CHo) 235 7 I

2

Hlghgate Job Gro (SOp) 52 (2/2)

High note Optical Indl. MOp. 40 1
Highland Electronics Group I20o) 27
HRI Smith 50 2 '3 2)

Hill (Charles) o I Bristol (61) 135®

Hillards UOo) 1F0

Hinton (Auras) Sons MCo) 278 6

Holden (Arthur. 189 90

Hollas Group fSP) 85

Hollis Eras E.S.A. 23

Holt Lloyd Intnl. MOol 56 7 8

Home Chawn riOo) 131 2 4 <3 2)

Home Farm Prods MOo) 63 (3-2)

Hoover SO 9. A B3 5
Hooklnsons Hides. 'SOo) 108
Hanion Trvrri 3Z0 2 5
Hosk'n* Hrrtnn raooi 1-1 JO
Hart Of Fraser 156 9 60-1 2 3
House of. Lcrase 94 '1 2)

Hcwar* 'Vy^dham fznpj 7 <7 2). A r20p)
6»- 1221 9 pcP(. lOb *3 2)

Howard Machinery 21 2 ’? 3
Howard Shuricrina iHIdur.' MOo’i 27 8
Howard Tenens 9ervl-e 58 9
Ho-dw r-o. 150 60 2:

Hudson's Bjv £8b®

Humphries Hides. ' S

Hunt Moser on rM'ddletofli eso) 14b 6.
Df. >5 d) 9 1- (3-2)

Hunting Assoc Inds. 240 2. DM. 108
(22)

Huntletqh Group noo) 117 8 9 20
HunHev Palmer Foods OOp' 106 6 7 4 9

Murat i Charlcsi 52

Hyman fl. and J.) (Sal 1-1 2

JK 1 _flw"llflre riOp) 57b

Kf ffiS’SSV s • 7

MY Dart MOp) 28 '9

ftteartjnis PharmantrtfeaN £2 OP) 130 2 «
MeC orcnwd aJc CSOo) 133 5 B
Maqartane Grp. 73
'Hugh) 47

McftsWe 111 2 b 3. IDocLn (663ri

10S C29 1)

MacLeilan 0>- W.) *20 p) 29 (1,'2)
Macpherson (Donald) 80
Magret Sortbcrns ISO 2 4 6
Magnolia- tire. CiOp) SS <2>2)

Mafan 4j, J. ) 183 C1(2)

Managotoent Agency Music (VM 109 10

Manders 170 1 2

Manganese Bronze 30 1 jMD

12pcLn SO

Manor National Gra,

M«lnWe( 137 8 40 1 2

‘(Thomas) 47°&». *f oo-Vt

Marstrads Halifax 91* fe 2 3 4
Marshall's Universal 70 <30
Martin 'Albert) (2 Op) 25 b 9
Mart In- Black 35
Martin the Mc wsagan t 251
Martonair Int. (20 p) 225 C3‘2j
Massey- Ferguson IDO «ifZ)

Matthews (Bernard) 10S 6 10 1 2 (3 2)
May Hassell 66 7 8 (32)

Marnards IBS

Mutt Trade Suppliers 90 (3/2)

Mod ml rater nop> 67 (3/2)

Meggftt Hldgs (5p) 13«a fi
Meflfre (5p. 6 HJ2>

Melody Mill. 16 (2/23
Memec .Memory and Electronic Corap)

(3/2)

tiSSJ” 1

(John. 232. 5i 5

Metal Box (£11 T77 8 9 80 '4 1 2 3
Metal Ciosin-K Group 124 Sbt II E 7
Metakax Group (Spi <2'i 3
Mettoy 13 4

and Industries (5p. 66.7^0^1/2)

Miller (F.i (Tomes' flop) 80
Miller (Stanley! Hldgs nop) 12 ( 2 J 2 t
M llkxtt Leisure Sops (20o> 64 5 (2/21
Mlalng Supplies nop) 106 9
Mltchel Cota Group 54 5. ISpcLn 96
(3/21

Mitchell Somers (10ol 46 7
Mitel Corporation 12 0/2)

Mlxconcrete 88 >3/Z1

Moben Group HOP. 20

Modern Engineers Of Brltsol 29 (2911)

Mollns 173 4 6

Molynx Holding; <20 o) 18b

Monk (A.) 66 7 8

Monsanto SpcLn 1982L86 122

Montford (Knitting Mlltsi 90 12/2)

More o'Merral! (Tool 132 (3/2)

Morgon Crucible 121 3 4

Morrison (Wmi Saperaivkra^ClOp) 166 9

Moss Bros (20p)

Moss Engineering 196 8
Mom (Roberti C Dpi 52 3
Mothercare MOP! 165 7 8 (29/1)
Mount Charlotte Investments (1 Op)
20 b

Mowlem OohnV 100 1 2
Muk-nead 128 9 30 1 2
Munton Brothers (lOp) 28b 9 b 30
Mvson Croon (10p) 25

19b

N — O — P

NCC Energy riOp) 103 4 5
NSS Newsagents ftOp) 174 5. IOpcLii.
ISO

Nash 42®

National Medical Enterprises ($0.05. 9u
12 ■

Needlers 73®

Neill ft Spencer noo) 32
Neepsend 17b lill
Neill rjamesi 35
New Equipment riOp) 28
Newarthill iXI) 490
Newbold Burton 50 (3'2)

Newman Inds. 9b 10 2
Newman-Tonks 61 (3>2> •

Ncwmark 230 40 (3,2)

News Inter. 105
Nichols 175

Noble and Land OOP) Vb (M2>

Norcras 105 6 -b

Norfolk Capital Grp. L5o) 3T*| 3 4 S 6
Norma nd Electrical Hldgs. (2 OP) 51 b 2
li 3 b 4 b 5 6b
Norsk Hydra (NKrlOO* 581b
North Britah Steel Grp. 4T (3/2)

North rM. F.I (lOp) 30 .3/2)

North Mldtend Construction flop) 57 9
< 2/21

Northern Engineering Inds. 58 b 9 b
90 b 5 *t

Northern Foods 1GB 8 70 b 2
Northern Goldsmiths 45
Norton and Wright Grp. CIOol 35 42
Norton (W. E.) (Hldgs.) C5 p> 5b. line
pf. is 1 n/2)

Nottingham Brick (SOp) 125
Nottingham Mnfg- 145 6 7 5. Sboctn.
1281*

Nova tJorsev) Knit <2Cp» 80
Nurdin and Peacock IlOp) 14ft •

Nu -Swift inds. (Spi 36b 7 b

Scott (Oovtd) Greasriop) 2 2

End oh Dutch 14 o oa *

English Assn. Grooa 185 9 90 5
EriSwne House Ires 43 Zl *

* 1 2 3

- ten (SP) 36 r

144

T#Cono*wy iBVi ,Tlti .

.... Textiles

# ^
sSs HU a 6* !• 5 i) Finance IndairaMItlP* 20 1

SK^tcar Grow* 307 10 5. A (N-V) Z05 First Charlotte Assets! (Sol M 2

10 J . „ Fire: NanonaLTHnainro tl Ogl, «

Seairi

Tjr*

«5 tZt.

Security

iSlfncourt (5*0 "li jj~ 1« 3 -V
Senior Engineering GreppJ tiOtf 23
Shi raj Ware (20 K) 130 (3/2)
Sharpe and Fisher 42

2 8

OB
It

__

u u I W9ltre*. to6.;<S0il 87%. Cteki df , :

tw jure" TfSto. 1 !^
7z am . •
Tna-OcwfeDti-

Trihinw .to*. Tft.

>t 4 .* V- • 9bpeSuhtn 1982 £061 >s® Trwt Union 55.43/W.

t Murrey Grauo «o> * Tnones Cora. JT. .

"tafcTT

-V) 432

Shaw (

OW

i loh Soinners 22
Sldlaw Gtobb iSOp) 37
SlebR Gortu*" HWjp 1 1
Si tut night H Iti ns (T Dol 1 M

a, i sst.s H siss ! nSa B nm

SSSS1yS!f?5" , “-

, 194 CZjZJ .

Singio Grew (lop) 35b 9 b 40. ISpc
Ln 1984 200 3. 15PC n 1988-91 183
5 (3/2)

Sirdar 128

I^™~_3_b4

Shn^by^tH. - It) M 0/2)

Sma2sSav?W^*«St^I?<«s>^I O 2)

1 ■ ■

Srtitfi IwH.W (Hldgs.) aopl 95 g'^, p)

Smith (W. H-i and Son (HldgsJ
159 70 2. B 11091 34
Smith Whitworth ®M 150/2) _ _

Smiths Indre^fSOol M4 7 8 540 2 3 5 6

Smurtt CJe^wtU Grp. tIEOJS) b£0.
o67

Sotex A (ReflJ g°PI 39 03)^ „
SoHritora Law Stedonery 5oc- (20o> 27

Snifrir 20 (1/2)

Sommarrilte (Wnilam)_Son.65 GI2)

Goode- Durrani
(Z2J

Gresham m. Tut 83b
Hambro 133

tectSSeJfu 6 7. B 9 40 .3.4

te rUe 1 9M> ■378 . C3r2> •

London Scottish Flnancw- filOn) 46 0/21
M and G Group 3)g.b 7__- _

M anion Finance- (2&p) 79 80 1

Mills ft Allen Interna. (50p) 320 2 5
301 30 2) Z 7 4|) 2 5 SO' '

Moors ate MtecaiitUe HWBS. OOP) 19
Murrey Technology ire. 88
N.M.C. inv. <1bP> 114
Newmarket Comp. fl981>-<S0k85> 285.

New (50.05) CFp/LA 12S3J52) 3G9 70
Park Place Inv. (10p) 88 .

Precious Metals TO- 54 - •

Provident Financial Go. 116^7 .

Slme Darby Berhad OMOJO) 68b
Smith Bros. 36 7 6 9 -41 2
Starling Credit Go. -<lp) ■ 8b -V -9 1c.
Warrants 3i<® .

Stewart Enterprise Inv. OOP) 33 CZVfl).
Warrants 10®

Unlsec GO. (R0.20) 143 am .

Untted Computer Tech. HUgp. «50p) 79
82. warrants 35 •

Wagon Finance 44 b
Wel&cfc imr. IlOo) 29 So
York green lnv, J (iOp) 11b

YuH Catto (1M 87 .

-United British SKurittea -ttt; m s
United Stew 3 STg 5- Sf 'g* ®
2 si Pot r 0 ? 1 *

. Wemm -im. (£1). 375
West Caret ani-nw to

VteMoot inv. Tra. SB CW- Wd. ftOp, ,

M- r<5*8 57^ ,

Wttsn 1iiv. ; 7S-6’h : ‘ ’ r "

YcomM 130 - -r

Yorkshire -TUwre.-

mi !33y ytnf,.

VHFt TKCSTS^ _

M. end (L : America?- Gen**! Inc. X a

M. aBtfJOL AtntrpMakm Gen. Fuw w •

(2/2). Acaim..flBai-.et(3» h .

83 (2J2). Aeeam r BGta O/3) '■

‘fe/Sf* a fni.m

m. sod G..Gummdbn.'.TaL.

li iitel A maLUVlJjr W-

Somportat ritrijct. 97 8 9 100.3
Sonic Sound Audio Hldga.

nop) 98. NSW

SotfwS^Pxrfce Bernet Gro. IBM 45
Sound Drftus/on (Spi 64 li 5 8 7 8
Sparrow (G. WJ Sons (20p> SO 2 3 (S2>
Spear and Jackson Inter. 107

Spear O^W.i Sow 85.6

. INSURANCE <36S>

Alcaander Alexander seres. Ul ( 2 j 2 ). 11 PC
Suh.Db 45b BS 65.C3/Z)

Brentnart Beard OW »'9 » ■ .

Britannic Assurance Op) 281 8
Comm. Union Assoc. 1 30 1 2 b-3 4
Eacie Star Hldgs- 337 « 9 40 X 2
Edinburgh Gen. Insce Sere, il OsO 14
Eatdty Law LWr Abo. Sac. (So) 404 5
Gan. Acc. Fire Ufa Assce. -Corn. 306 B.iq

Gtnrdlan Royal Cxchg. Ante' 296 5 500
1 2 3- ‘

Hambro Ufa Assco. -SOI 317-8 V! 20
12 3

Suoirrri Horn (12bP> 38*ia „ I Heath CCD r20*n 25S 8

Staffordshire Pptter m (HWaaJ 35. lOPCPf. Hogg Robinson Grp. 119 1 b - -

S p ee d w el l Gear Case 17 — ....

So en c e r Clark Metal Indus. (20p) 15

ar Gears (HWre J (5p) 1 1 b b 2 (22)
;er (Georoei & _

Sperry Corp. JlO.M) 17b (23
" m Eng. 14S

Spirax-Ssrco _

spoijb nop) zo om

Spring Grove Servle ts ClOol SSb
Sq ultra Corp. (SI) 15» (2/2)

(£1) 10Zb 09 1)

;tag Furniture Hldgs. 101 2
tekts (Reo) OrganGadoo OOP) S3 b 4b

Stakll (RM) . _ . .

Standard Fireworks 77
Standard Indus. Grp. 37
Standard Telephone and Cables 460 2 S
9 74

Stanley (A. G.i Hldgs. Bp) 61b

Stavetey Indus. 232 3 4

Stead and Simpson A 51

Steel Bros. Hides. 235 40

Steetire 159 90 2. 7p rtu. IOI art)

Steinberg Grp. >10»i 27 U

Sterling Industries iZiro) 33 Cl 12)

Stewart Plastics 112 J
Stirling Group 'ZOP) 55 (2/2)

StoeWake HWgs. 1TQ 22
Stoddard 'Hldgs.) 24. ANon-Vtg- 12 'a
StonebiB Hldgs. 96
MnMHatt teds

15 b

Stormgard HOP) 20 (3/2)

Stothert Pitt CCD 74
Streeters oJ God aim tog riOp) 23 .8
Strong B ilor iHidgfi.1 56 8
Stroud RUev Drummond 54
S tori a HkfSS. HOW 16b 7 1< <1
Stylo 126 (3(2)

Sumner iTrmncis) rifldgs.) ClOpt 5
Sumrie Clothes (20pi 55
Sunbeam Wobey Or£0_2Sl Ifib®

Souilght Service Grp. (lOol 102
Smra Group ItOoi 44 6
Suter Electrical rSp) 67 B 70. ' DM. CSrt
55. 9-’«PCLlL 132
Sykes (Henry) 27
Symonds Engineering Sp) 9 (SO

Stmw-Ptett tegs. 12b b 3 4. Cre.Pfd.

Hovsden (A* CntflOrt-tS)
insurance Cora. Ireland OfiCL25) ZE7 70
-( 2 / 2 )

Legal Gen. Grp. 21 1 2 3 4
Lndn. Man. Grp. 254 B
Lndn. Utd. InvstS. i20p) 203 .

Marsh McLennan (VI) 15% 6b 7
Mlnet Hides. (20 P) 142b 4 S
Pearl Assce. f5p) 402 4 S 6 8 ..

Phoenix Assce. 236 8 40
PrtKtertUi Corp. 232 3 4 5 8 7b (3»2>
Refuge Assce. (Spi 236 .3/2)

Royal Irkd. 342 52 3 5 6-7-8 „ -

Sedgwick Grp. llOpF 1S4 b *< *-b 6
Stenhonse Hldgs. IDS
Stewart Wrfgtrtson Hldgs. (20p> 220 2 S 5

Sun' Alliance Lndn. Insra. (£1). 854 6 8 -82

Sun Ute Assce. Soc. (5p> 311.2

M. aod G.

M. *o d C. Jaoan amraF FomTS- ' il.

-4 C2W1). ACBML-aWto--Tv •

M. aitd G. MMtand Gm. TV w.
tssn) . . * lt ,.

-M. and G. Recovery hnij JbqnL aa, - •
M: Mti C-SMMIec. C<*. mIR JS, -

MlNES^0ficemne«B8

..AMAX tec- 01 1 S«H* - V-b Thi

Anns inc." tare) Wfc ‘ '

BWcM Tin Flop)' 15- -
Botswana CP«> 21 Otzi
Bwfim OOp) « r
Charter Cored. (2
Cure*. Gotti fleka -ftTO"

D* fcejs. ConSd. Jtot.

S-rW

Fatefl 87 100 (3gB

Geewor Up 128

Phoenix -Gokr

1 GnbtffilRIlPffi

GoU Base Me«m
1 gopeng cored. 546®
Hampton Gold MflM
r i

IOP) 180-

predB^re <M)
-no «*aimfA Bwind

7TOt 2s

... . ■ *<m

M.ntatai' Cora

Trad a lodemnity 1B0 (2/2)
Travelers Corp. (S2-501 24

(T/2)

WIKU Faber 390 2 3 5

INVESTMENT TRUSTS (405)

Aberd e en Trst. 146 (3(2)
Altany l 'lrrv- 1 T^- 4Hb (23 22
Atoance Trost' C25s» 296 7 9 9 300-

-Norn

-Ni

«L-.

Pard

Rio
'2 .

60. .

»«W-
Roan C.

SHvennlnes (lrd.02M
Smsel.. Brel Mlnet.

own

p!?£

AWfoad STi^^top ZOB

T — U— V

TACE .10o> 19

TSL Thermal Syndicate 90 2 3
Talbei Groan (5pt 4b
Tarmac (SOp, 436 B 40 2
Tate Lyle <£11 214 8 7 8. 13pd.it. 93b
Tate of Leeds 78 (212)

Tavener Rutledge (7 Opt ZB 7 am
Tavlor Woodrow STS 80 1 *3
Teealemlt J&b 9
Teierirtion rep) 47. ANon-Vto. <3o< 47b
Teieohona Rentals 350 2 3 < 4
Telfos Hldgs. czopi 27

American Trust 84 b S ORL 8 81 <*2)

48 J3.g). f . A«et 23*-
Anglo Scottish Invert 69V70 1
Archlmede* Invest 73.. -Cao, C
02)

Ashdown Invest. 202- ■

Atlanta, -flak CMC Wh to subscribe

WapMa CQlL
Ml

Zaufbta

an,^r Sj ^ „■ -a 3

Hi'KOS

Gdppec tinarts (Bdff£2a}: ne .

er: »/-=-

C50p) 46

MINES-— So nfli Afrttw (U» In
Cori Qmirla^hso) i/f

Ord 14b 8
Atlantic Areets

82 bs b* 3i 2 4 5

Adas Bhttric Genera) -Tri*^-®^ 1

52).

Baillia Gltlon) • Japan New 97
1212 )

S^^^sgAtotora.fllis

T La n *i®9t^re'*raa ' *** a,23 ‘ 10pe [ StoS'' sT b «f« 1

55 • British Assets 99’, life b 1 -

Twco Stores fHWgsJ (Sp) S3b 4 b S* 5

Tex Abrasives (TOP) 47

4bPcL« 240

SS^iltuSSt -OO) 327

sir 1 ' • '

1 A (3/3)- 6bP*Ln

Textiued Jersey if Op) 81 2 3
»" veneer reo) 5 6b

Ocean Wilsons (Hldgs.) <20p) p47
Oceana Cored. 38 (2/2)

Office Elec. Machines 310
Old Swan Hotel (Harrogate) (lOp) M
Oliver (G.) (Footwear) 125 C2/2). A1T7
20 (212)

Olives Paper Mill (20p> 22b 3 (29 T)
‘ r. CR0.125) 14 C1.D .

Ovenstonc Inv.

Owen Owen 210
Oaaiid Hldgs- 9peLn.

“The Times"

Third MUe Investment 38 9 (1/2)
Thoraas^^Natranwfde Transport. CSAO^O)

Thomson T-Unc Caravans 44 (3(2)

Thorn EMI 463 5 6 7 8 70 2 5 (3/2).

7oe 2udPf 1992/99 (£1) 125b 8 b 7 b
Thorpe (F. W.) C7 0pl 108 (312)

T butfar Banfex nOp) 10b (212)

Tjrvjra Ag Cdbr Dm 10 (Issd Westminster

THhury Grp. (£1> 333
TTnron (Thomas) f20p> 167 B b *70 1
Tjtne Products OOp) I7b 8
Titaghnr Jute Factory (61) 32*

Tomkins <F. H.i <5p) 18b (3/2)

Tomklrrsore Carpets 73
Too Cal 33 b 4 b
Toshiba Corpn. (Y50) 87 8
Towte^nOp) 95. A OOP) 39

TO"- J ftWlW and Hlllbourn ftUdgaJ
COp) 87 ft

Tratelsar House (2 Op) 112 3 b 4 b S b
Transparent Paper 29 30
Transport Dev. 75 b 6 b 7
Trauwood Grp. (5 p) Il
Travis and Arnold 16* ’

Trident Television A OOp) 69 b 70 b

TrlcfiH 56

British Aglets 99’, 100 b 1--
British Empire (5o) t4jj fcl5^(3«>..
British Indust. .Dfd.

143 122) •

British . invest- 194 5 (2/2)

Broadstone Invert- i20o) 2T5
Brunner invest. "82 3 (19/1) , ■ _ . _

Clrp invert, vi 0 1. Wts. to attoacrfbe tor
ord 48 b

, — J. Mini

JBSae,

pmjrtn RooSgSSA

l 7-i

r-

-d

East Dagae._tRT) 84® ■ ... . . 01 a

CSC invest. 109 12 C9'T)
Cambrian General 'S k- 122 -

Capital National Trust 160 2 b (3Q). fl
178 (3*2) ,

Cardinal Did 141, .

Cedar 95b' 7; ■ 9pcLn- IS
Channel Islands (£1) 22 V.

Charter TW. Agency .80. . 4^jriau T!K)

aaSTWIBi USShmen «S « aa»

City OomercL 30 b. Cap ,i£1) 274
ow Foreign

485 (2/2) \ 7- — fSscr’Tt . • - »

.GoW MJiHpg <K020> 1H »•

SiJmfsCre!?; 1

MMnt ; Woe' C6ra «o4m : , W

City London

(3/2)

City Oxford '109 (3/2)
Clavartxxise C50pr lS* 8.

Colo Rial Secs. (5p) .-67. _C3^2)_

Construction Hldgs. (20p) IBS*
Continental • Ind. 282 4 (3(2)

Continental Union 172 (3/2)

Crescent Japan «50rt- '359 - 6? 2 4
Crossfriars 120*a b ' • .

Cystic Fibrosis Research (£1) SB
Danac (SOp) 36 6 O.Q). Cap- «0u> »b
(29 T7

D^Sy Tst. (ID 245 .(1/2). Cart CSOP)

0W25) $8

GoM Flrtd). Prop (Hen) (ROJOS) 65 -

HnrtebeerttontelP Goto Mbitnp (Rl) 24?-- te *

, 2^* l ? W ** ,r,a h) (RO^) 3T2b

2L—Z—*1 — (821 nibiJ-

» - - • •• 7*

V J 'f »

-r Mi - j; '- : -r*fr

He ’ ww - •-

Triplex Foondrtes Group 29
Trastnowe Forte .117 9 9

29 Jan.

Tnbe_lnv»tme.Tti 8U 138 g*4l> Ik 2 4.

20. 1

SbpeLn -95
Tunnel Hidgs 550 2 4
TmijerAml NewaJl (£1)102-3 b4 5 b

Turrft Corp 136 7

Tysons (Co nt r a ct t s ) (10p1 31 2 012)

Track CW.) (Sore and Twiier 47 (2/S

UBM Grooa 58b 9 b 60 b 1

MP? tea^na'f - 6 - 7

Johan naahuro
(29m . -* •

Kinross -Mines QM) -582 73 ".. ..

Xlref Gold Mtoloi.KI) 15.1

t relte Gold -Mines (BD45)11S (XT) .. _

LRdmoo &dd -MWteg 'mn «5b GoJ' " m

j-ora lwe - G old - totals (RT) (40 ,

Lvtientwro' Ptatfnom TRO.'72» 15ft* 3M ff-C WF

h^rfeyaleCbreofldated Mtere (BO-25) TUTx — ‘ -r

.-5

SSS '"’V «

- I Ptrektent Steyn Goto MJntnB fR0.5<- « ■ . *

*27b OTk. • r . - - ■ rt 1 -s - — <

^ i^^i. rfkLsro 57 cip«) - C-

Rauo London Corp (B04 5) -KiS • —ts--, a c +

good Mfnea Jroiii i Hep <WT1 325 ^

275 .

Drayton CommaroL TBS (3/2)

Drayton Conod. IBS. . SbpcAlJi.j-.134
.(1,'2J. Do. 8 135 (1/2). T^rt.a. 140

Ji.5>-

64 h

New 48 9

DubHierjSp.i 65 6 '

lObpe

Ductile Steels 9U _

Dufay BitumiKiC rtOpi 43 4 5.

Duncan (Walter) Goodrleke -(£1) 480 90
DundOAfan i20p> 58. 11>«pcPI. f£1> 129
OunMIl i-AHredl f10o> 2S5 (2121
Dunlop Hldgs. (SOP) 71 1, Z b ft
Duple lotnl. 53 5 6
DupoTt^.12*: 3

' Dwcic Group OOp) 7 (3/2i ■

Dvson IJ. J.) 100 2 3 4 5.

93 -4 »a 5 6

Non-Vtg. A

E—F

EIS Group 124b 5

lirire's^^viiwv (1 Op) 220/2)

East Lancs Paper. .Gro. 46 131 2 1 .

East Midland Allied Press 98 IZI2).

Easten>°Prtxluee (HWgs.i i50pi 72 3
Edbro 'Hldgs ) 38

ICL 48 b 9 50 N 1 b 2 3.

50 Is 1 b 2
I.D.C Gro. (20 di 98 100 2 4
IM1 SSb 6S b 6 b 7 b
Ibstock iohirsen-73 4

l M> im worth Morris (20p> 19 (312*. A

Non.V. (20p) 13>; 4

Imperial Chemical Indus. (£1i 333 4 S 6
7 4 9 dO 1 2

Imperial Grp. 77b 8 bH b 80 h- SpcLn.
67 «: 8b

Into 70p 10 20 30

Ingall Indus. iIObi 38

Inn ram (Harold) (TDpi 23

Initial Services 272 5 6 7

Inter-CItv ln». Grp. (20o1 19 20 i; 1 '«

Inter. Bus Mach. Corp. (31.25) 34b

Inter. Paint 240

inter. Timber 91

Isle of Man Enterprises 1*200) 44 (2.2)

J.B. Hides. IlOp) 110 1

Jacks (William) 21 3 b 4 5

Jackson rj. and H. B.) (Sot 52b 3b

James (Maurice Indus. MOo) 25 ■:

Jamesons Chocolate HOpi 55

Jarvis (J.» 27S 80

i eavons £no. 56 c2/2i
enks and Catteil 40
antique 20 •

crome (S.i 79®
ess ups 32 (3/21

ohnson Firth Brown 18 t- 9 20 1.
11-OSpCpf. 841; ^

Johnson Gro. Cleaners 2ao i

Johnson Matthev f£1) 277 8 80 1 2 5

Jones Shipman 54

Jnnes l Edward i Gra. tlOp) 14. ISocLn

Jones 'Ernesti ‘ Jewellers! riOoi 88 90
Janes Stroud 'Hldos. i 98 9 100
Jeurdao iThoiJ rtOoi 76

Kalamazoo riOoi 45 8
_ J ■ Seatt 35 13 2l
Kelsey teds. 155
Kenning Motor Gro. 66 7

ElPar lodysil. -“fjjj, 1 1 0 * 3,a)

60 3

Elbief CIOpi 14 1
Eicco Hldgs. nopl 77 9
EiectrocomoonenU HOpi 1S5 7
Electronic Machine 36 '3/21
Electronic Rentals t&p. 91 b Z 5 4
Elliott (S.i 114 5
Elites and Evcrard 149 (3/2]

Ellis and Goldstein (HMgsJ 11 Sp) 23b 4b

Elsotv and Robbins- 26 7

Eljvrick- Hopper '5 p) 7 )ii 1* 8

Em«s Lrghting 121 X (3/21

E mol re Stares I Bradford* 87 8 9 90_2.3

Energy Services arid ElectronKa (10p) 21 b

English China Clays 166 7 t 9

Epicure Hldgs. rspi 32 >2

Errth 73 (2 12) .

Esseranu nzijp) ISO
Eucatvptos Pulo Mills 230 129/1)

European Ferries 84 b 3 b 5 b 7
Eurotherm Imernl. flOol 313 4b 5 7

Eva Inds. 32b 3

Evered Hldos. 20 (3/2)

EvodoNWgs. CZOP) ftl ■ ■ '

Excall bur .Jtrrrvllerr (SpISV . ,

Execute* Clothes (20p) 1« S (3-2»
Expanded Metal 68 9 70 1
Extol Gro. 260 5 8

5 8 7

LOCAL AUTHORITY BOND TABLE

Authority

(telephone number in

parentheses) —

%

irnsley f022G 203232) 14g

i owsley (051*548 6555) 14*

Annual Interest Life

gross pay- Minimum of
interest able sum bond

4-year

4-year

£ ' Year

1.000 3

1.000 45

F.M.C. 56 (3 2' „

Fa ire rough Construction Gro. 155 6 8
Fatrdale Tretllre (Sol 15b M/21. Do. A
Non V (5fl) 12 »1<*»

Fairline Boats C10 p> <0 (111 .

Fa I rv lew Estates (50pi 102 3 4
Farmer rS. W.i Gro. 142 (1 i2i
P arnell Electronics UOo) 565 72
8 88

Fashion. General UHL (3p) 210 5 0-2)

Feb Intsmat. (10P* 98 (21 h. Do. A flOre
79

Feedex Auriceftoral Indus. UOo) 34 b
Fenner (J. H ) Hide. 162 *6 --

Ferguson Indus. Hldgs. 87 8 90 2

Ferranti (5 Op) 667 8 70

Ferry Pleksrmg Grp. OOpJ 77 (3(2)

- Fidelity Radio MOni dZ
Fife Indmar 93 4 12f2(

F/nc-Art- DevaKwmcnts (5 di 5d 1

. Fintao .rjotei) (ion) 144 (312)

Finlay -Oairnrt 101 12 3* 5
Finlay Packaging (Spi 23 b (29*11
First Castle Electronics, (ton) 88 90 1
Firth tG. M.'i (fflgds.) flOpi 210 S
Fisher (Albert) Grp. (Spi 14b
'Pi sens (£1) 236 40 2 3 4 5 6 7

Fitch Lovell (20p) T9 80 i s 1
FtewITton' 25 ^

Pknrdlo Casters. Wheels 42 r3-»

Flight Refuelling (Hldgs.) 276 b
Fabel Internal. (TOO) 21 b 2
•Fogarty 15.1 (3«pi 69b 70 1 Z
Felices (John) Hek) (ftp) 16'

FooMaor Indus, wv. 74
Ford (Martin) (lOn) 24 b
Fdrtnum. Mason (£1) 710 (22)

Forward Technology Indus. 55 7b ■
Foseco Mlnsep Z07 8 9 10. BLpcPf. lift

(3/2) lOvcLn. 11* (»*)

FBater 1 Brtfc( CSMfUng- 64 ~S

„ - iaw (A.) Sons i5pi 308 (3(21

5Bssa^ o a , .fs? 8r tl0pi ,M

KPde Intnl. 242 5

fcJL i :S*5 , ..'5?- 25) J 52 '^'2)

K ȣ k a F 7 CTvf ** Hldn. nop) sa

x*4ik

Panto (F.) nop) 13b (2 2)

Paradise (B.) MOp) 39b®

Parker- Knoll 137 r 1- 21. A 122 4 (12)
Parkland Textiles 43b (1 2). A 41
Parrish (J. T.) 155

Paterson Jenks 79. 1 1 JpcPT. (£1) 267i

70S

Paterson Zo chon is (TOn) 151 2 4 5. A
1 1 Op) 147 8
Pauls Whites 205 7 8
Pearce (C. K.) 10’-®

Pearson Longman 193
Pearson (S.) 225 7 9. lObPcLrt. 79
(29 1) J

Peek Hldgs. (7 p) 12
Peerless 912
Pegler-Hattersley 204 6 ft.

Pennine Commercial Hldgs. (1 Op) 7J*
8 b b. 12pcLn. 69 70 (ZF2>

Pent land Into. (10p) 68

Pantos (lOo) 14 5 It 6. Dfd. (20p) 17.

1 SpcLn. A 71 (312)

Perry (H.) Motors 97 100
Petoow Hides. (IOpI 83
Peters Sura <10 p) 8» 02)

Petrocon Grauo (T2hPl 76 7
PhKom (10p> 20 3. BpcPf. (El) 70
Philips Finance SZtPCLn. 43a. (3/2)

Philips Lamps Hldos. NV 473 7 9 80
Phoenbc Timber 98 100
Phots* (London) 50 2 fS’Z)

Ph-rf o-M* Into). 440 1 2'ji
Ptceadtlly Theatre 61 (®2>

Pickles (Wm.J noo) ©b (2/2. Do. A CIOp)
4 b >«

P'fen Hk*9S- 215. DP. A 210 (1/2)
P'lklMiton Bros. ZBO I 17 1190 U
Pitony.Bnwes SbpcLn. 52 b (2121
Plttard Grp. 54

Pb«-le ConrtnieHons riOo) 29b 30 (32)
Platlgnum <5 p) £0.08
P 1»vton's rGBI 134 (3)2)

Pirasurama (5»1 333

Plcssey CSOo) MI 9 7U l( J I

Plysu (10 p> 103 r3/2)

Polly P«k (Hldos.) C5o> 340 2 •

Portals Hldps. 525 33. VrecLn. 141
Porter Chadhum 38
Portland Hldgs. 17

Portsmouth and Sunderland Newspapers
99 TOO (2 2)

Porvah 4 (2(2 )

Powell Duffryn /50p) 260 1 2 3 4 5
Pratt (F.I Enp. 64 S. SpcLn.' 90 (1/2)
Prendv (Allftrt) Sons 57
Press (Wm.) Grp. tioo) 74 a 6
Pressac Hldos. HOP) 32 3 4
Prestige Grp. 144
Prestwick Parker Hides. 28
Prlret rBentamkii Gra. 31 2 3
Pritchard Services Grp- (5p) TftS 6 7 8
90 2 3b

PuHmen (R. and J.) (So) 51 !; 2 (3/2)

UKO International 35
Ulster Teievulo* A 70
UnWec Htous (I0p> 30b 2 (3/2)

5« V-S \ i i 2 1 7 101

Unlicver NV 19.85®

50

Unitech (lOp) 225 7 8 9: 30t 30 2 4 7
_. - — 3 4 3 6

United Biscuits (Wdgs> 122 3
United Carriers hOp> l 71 v f3/2»
united Engineering Inds nOp) 271 3

United Gas inds 76

Guarantee (Hldgs) (Sp) 14b 5b
Untted Newspapers 155 8b
U ntted. Scientific Hldgs 590 5 600

3 5 10 2

United Spring Steel Group flop)

United Wire Group 84
Upton (E.I Sons 31. A
Ushe r-Walker (lOo) 54
Utfco Hldgs (Rl) i«o

19 b

Sb

J'ht 63 5b 6. 5bpcPf (£1) 70 (3)2)
XfMf*"*, Ccow /20p) 126 9 30 1 b 2 3
Vectfcs Stone Group IlOp) 29 31
VTtoopiant HkJgs 179b* 80 ht
Vkkv* iti) 166 b 7 8 9 70 1

Vjnten Group (20p) 222 6
Vita Iron (DF1 0.25) 67
Voeoer 1 55

lOpc

W — Y — Z

WG’f^e^ <10w ,21 ^

p&n'ZXWflo

KlnWlSfl, 37 t3 '«

Wagon Industrial Hldgs 73
Walker Homer fSp) 80
Walker Staff h15w r?pl 1

18 0/2)

JJalker (C. W.) HWgs 17
Wa fcer U. O.) 75 (2/2)

Walker (James) Goldsmiths 62 <2/21.

. Npn-vtg S9

n- (Thamasl (Sp) b>;

Walker

Ward Goldstone 116 7 8* 9

Hldgs <10p) 48. Dfd

Ward
<1I2 i

Ward (Thos W.) 234.

(10p)

7bPCLn 202

Waring 'Girfovtjrtildgs 121 2 4
Warrington (Thomas) Sons 91
Wasrajl tj._. w.i rsp) so (3

Q— R — S

Quell Automation UOo) 92 100
Quick (H. and J.) Gro. (TOP) 41 (3/2)

'aswBWS* fTOp> ms » *•

L— M

LCP 65 6

-J.RC |r*n|. (10 p) 44b 5 !. B
LWT (Hldgs.) A -NofhVtg. ‘129 T- Sn g
Ladbrcke^Gro.MOp) 140 I; 1 2 3 4 X
■Ladtei Pride Outerwear I20 d) /! o’ji 3 ‘
C-ng^onm 7-7 2 Or d ^ 70 % ^ 7

Laird JStp. 137 b 6 9 40

Lake Elliot 53

Umfcerr . Howarth

temoiu Hldgs. noo) 22
lane* (2(W 36 (2.0)

* — 1 M.i iful 23«

CZOp] 52

8 9

80 1

La -s aster to. ^ _

Lane fFercyi Gra, (loo) 43 4 11, c .

150

lead Inds. Grp (50p) 1 s* 7
Leadenhall sterling T 1 7 a 22 • 1 13 1
Lea tferflu*h (lOn) 35 6 31

Lee Refrigeration 225 a
Lee iA) Sore lisbol I6u
Lee Cpcner Gra 123 4 ft
Leech. (W) (70ei 88
Leeds Dirt. Dyers Finihs. 87
Lore iJJ) (10p) 48 1 2)2)

Leigh Interests 1 Spi 197 8. ’OniUm Ln
Lennons Grp. dlfp) 52 J. ||

Leo Gro. CiOp) 283 13-Z1
Lonev Prods. (5p) le 7 ■

13 (312) T *

Lex Service 104 5 6 7
Leyfand Paint .Wallpaper 3E>.

Ley's Foundries Eng. 21

Li&F^IW 2 ’ No " V74 'W*>

Uncraft Kllgour Grp. >7 dpi 32

Rert.V (5p)

Unfood .191. 2 3. 12DCUns.Ln. Ijri, 2
.U"k H»e- Pw.bs. r*Qp> 260 1 2

U^33H ,S ‘ W2) - 8DtU "’'‘ J1 - (3.21

LiveroMl Dally Post Echo (SOm 143
Lloyd (FHi 39 b dot. ■ w 1:3

^5 SW 14 ‘ A '"* , - v ,Bb > »»

lndn. Liverpool Tnt rtOo) 47 ft
Lmfir Midland Inds. 100 t. Bi-KUna.Ln.

113*

Lndn. Nrt/im. Gra. 41'. 2 b 3
LmiiL Brick 75 t, 6 b. l4acure.Ln. 134

5 1212)

Lone Star Inds.'rtli 13b
LQOB Hamhly (10p) 9 n/21 . .

Longton inds. k7 *

Lonrfw *3 1* 4 ij 5 6
Lonsdale Universal -39 ft
Lookers 57

Lovell rv J.l 289 70 2 4 ft
Low Boner J50 p> '1 81 2 3 <3 2).

KF.D. Grp. nOo) 46 7
RMC Group Z29 30 1 2 b 3 4
Racal Electronics 378 BO 2 35789 90
Radiant Metal Finishing Cltiri-p) 55 nm
R*h»e teds. dOw 12b 3 b
Rank Org. 193 44 4 S E 7 8
Ranks Hovb McDougall 63 i; 6b 7-Hf
Ransome Hoffmann Pollard 73b 4’
BpcLn 1984 88 C3.2>

Rauomre 51ms Jefferlos (£1) 165®
Ratcl llfe CF. 5.) Ind nan as 30 ( 212 )
Rntrllffi (Great Bridget 71 (3/2)

Ratnere (Jewellers) nopi 51
Rtvbcck (10p) 45 i; (3.'2l
Readout International (Spi IS h hi
Reckltt Caiman 287 b ft 90 2 3 4
Red learn National Glass 142
Red mo Ion 197b 200 12 3
Redlind 183 4 5: 5 bi 6 7
Red land Finance Wts to sub for Ord
76

Redman Homan International (7 On) S3 4
Reed (Austin) Group 74 (2-2). A 68 9
Reed Executive O Op) 29 (2:2)

Reed International (£T) Z70 2 3 4 5 S ft
Reliance Knitwear Group <20p) 26
Relypn P.8.W3. 108 (32)

RcnoW (£1) 44 Sb 6 7
Rentofcn Group (10 b) 162 3 (3’2)
Rentwlck Group 84

Restmor Graup 79b 80 1
Revmor* 19b
Rcvmdre TSpcPf. (£1 1 103
Rirarno Consul ling E no In eon 445
R'chards FlOpi 15b 6 '

Richardsons Westuarth (SOp) 23 4
Rllev (E.J.) nop) 95 _

Roberts Adlard 116 8 20
Roblnsoii 'Thomas' and Son ST (3/2)

Rock Dartiam nOrt 11 2
Rftrkwpre Grp. 62 3 b
Renner HMn 1 203b 5 8. A 200 5 S
Rotaprint ftOn) 9 .

Rothmans Inuf. B '12'-p> BOh 1 b 2
Roiork (10p) 44

Reuttedge and Kegan Paul 145 (2m
Rowan and Boden 24b
Rowntree Mackintosh (50 p) 158 9 6ft
Rowtsn Hotels 135
Royal Worcester 175 80
Ruberaid 100 Z __

Rag fay Portland Cement 96 b 7 b 8
Russell (Alexander; (IQp) 14S am

Ryan (U Hldgs. <5pf

. Lrt 1982 fl'.

I" Law (Wm.) (2 Op) 193

12b

S and U Sto r e s HZbPt 10b t2J 2)

SG8 Gra. 1B4 8 _

Saatchl end Saatchl n Op) 573 5
Saga Holidays (20o) 156 7 B. New QOpl
148 i2IZi

Saitoh orr (J.l S22 3 5 7 3ft 1 3 S
St George'a Group (10P) 87 (29/1)

Sale Ylliier 207 10 (1/2) . „

Samuel (H.) 214 5 (32). A 115 6 m2)
Samuebon. Film Service. COg) 138 42
(29/1)

Sanderson Murray end Elder (Hldgs.) (50a)

37 (29ft)

Sandhurst M arketing (7 0s) 82 4

iarffie* GwSoo LJ.) Gto. (1 Op) Sis, 2
savoy HottB A CIOP) 190
Scaoa Grp. 14ft

B*SSW 0J,,an>

J.) 260 5

'i^KobrttPun 23 am

Waterford Glass (l£0.05) I £0.23 (3,2)
Watmoughs (Hldgs) 193
Watsham's 42ft

wlJ? 0 " ^"‘2. f , 1 °P > ss 7

*" K * Wn ' HOP) 66 8
Blake Bearne 170 (2 Z»

Wavertev Cameron 85

S3

websters Group C5o) jg

saSU* Fi%p? 0 iob

; io «”«

Wellm an Engineering Coro 53 4

W»t Bromwich Soring nOp) IOb (Xfl
W^S Mllbnog) 174 (1(2)

Deroio j merit (2 Op) 39®

KSd K 20 1 2 3

Whattlngs 28 9

W hatmah Reeve Angel 213 WZ>

Whr^Ukl 17Q St j gn * frt * OOW “® 0,8
WhSocrort^M 00 <HWW> 7 -

Whitting ha hi (William) (HkJnS) (12 bn) 142

Whittington Engineering 63 (2/2)
Whltrwjrth Electric (HWgsi (Sp) 112

Wi5feH a £i F, 2 ,,B S <10p ' 168 9 209
Wgfall (Henry/ Son 140 C£Z)

Draitoeit (50P) 64 OI2)r- -Cap. (ft) 45ft

Dundee." London 97 :

EtilnfauroH Amer. 101 2. BpcLn. 385

Edlnbaroh 1 Ire; 69 b 70b: *h 1" b
Clectnu General Imr. 12I IM)

Energy Resourere. Services CSS) Ili •
Engftsk. Interim. T«_123 r3/2»r-
Engllsh. New York Trt. 99 b TOO. 4'TPCLn
• 1 32 (2-2) :

E^Jbh Scottish Inv. 7Tb. Do. B . 67

E»gl oh National Inv. DM. 75 (1A> '

Euulty Consort Inv. Tsa. 461) T40.- Do.

Dfd. (SOP) 227. CZ/2)

Equity Income Tsfc (5Cp> 265b' . - -
Estate Duties Ipv Tst 78
External Inv. Tst 7pcLn, 147'(25T)

Family Inv. Tst 10B (2914

F \T TSt ,M *' ^

Ln. 107 (29/1)

Fnw Union General fnv. -T«t «KX25) 116
u3l 1

FletiseBng Inv. New Old. 82 (2*2}

Forrtga, Col. Inv. Tst 67b 8 9.

Fulcrum Ipv. Ttt. 46- (30) •

Fondinyret 39 (3/2) Do. Cam Shs. 131 2
G.T. Gtobai ftec. Inv. Tst 51178 7

*230 (2® ^ ■ 370 V ‘

General. Comm:- Ivn. Tst 203 C1f2J
General Cons. Ire. Tst 122 32) « '

General Funds Inv. Tst 304 7
General Investors. Trustees lez
General Scottish Tst. 65b
General Stock Inv. Tst. (12bpg ,176 (y2)
Glasgow Stockholders Tst 84

RandfoqteiA Ests GW Mg- <R2) £26

BWfc WD.TD) 274

tav-Jftfc 1471- 8 b -9b 50. SbpcLn.

ID. ; llbpcLO.

GbpCLA ' 15G

Aia»c

J5f!uBlns_ Group n opf) 88 o 91

JJlJkes (James 1 SB Fl/:

W kina Mitchell IS 7
<£ii n B4 J (S ,! ^ fEm/inem 70 4. SJSpePr
Wjlliemj (Ben) MOp) 10 (3f2)

wi i.US {JtfWef 7 Ca r {*«f 21 (3/2)
y?|!l >l (”.(W.), Sons (Kldgsi 26 (3.2)

Wllb (George 1 sons rHldS) go n.a
K*®" ‘Cpimo/lv) Hldgs *182*

■ Georg c j Too b 1 b 2 3

w!3 e i,Xh5 <! !l?? nw «•
SS'WTri? 1 ',

Gro. Ord. CZOo) 22
wSS?!"? (Jonas) and Sons 40

WJHb- - ? n"SS" (HW85 ■ ,

Wool worth (T. W.)* 54 b S 1. h H

Walke r and AiMnsu ftl. fi«i
Wy n (Woodrow) Hldos. Ord. 6ri 9 ftffl

Ord.

Xerox Coro. «T» 21 \ o«)

Yarraw and Co- Ord. (50n) xoft
41 2 3 4

"gasps.

12boe

Spinners Ord-

KPUghal Carpeta (HkJgsJ Orft. |t«0JB>

ftetters Gro. Ord. (Spi 7*b 6

FINANCIAL TRUSTS (3S3)

lOocttas-tA. 97

«tfcen Hume 769 93.

(3/Z)

Akroyd and Smltoers 177 8

Anglo. Afncan Finance Co. Ord. 07 bp) 37

Armour TsL Ord. (lOp) 71 (, ?

Australian Agrictrttural Co (SAO^w. 157

Authority Invert*. Old. <2 to) 56 Ei«)
ftonusfaond Hides Ord. C£D 9a 0,0
Boustead HOo) 102 b

Bridgewat e r Ests,

Britonnla Arrow kidss! 4Gb*b 7**

Wits, to sub. Ord. 13J Z
C 495° f Ab * J,}cco ^ Aswc, Ord, (sop)

5-A Fn 30.95

CsmMpnie Benrelre

Frwi.1 am

D tsto)*ss c * M- T **' ®° D> 370 >■ *

egJ MW^fcj^ a 12®

USSra^Wb 9 , ^) b^OUO^, Mort ®« J 285

tie (2/2).

£123

Great Northern tov. Tkt 1SZ 345 '
Green bank Trt. 13s (1 «) •

Greeofrtar inv 792 (3/2)

G resha m House Estate 196 202 CW2i
Group Investors ioz (jrzi
Guardian Inv Tst 114 . . ' .

tg2a"w.LlTT^,VA.;:

’sr^ 0 4 xd G T5o T i 79,1 M -■
'■STS 8 "* ,nr Tst voa i5r2 '- ^ w

Investment Tst of Guernsey- (S0 p> I0ba<»

Invertors Capital Tst 120 2
Japan Assets T« now 24b bn
Jersey Gen Inv Tst (£1) 153 -
Jto Hldgs 76 t2'2i
tore Inv Trt OOpJ 40b. Cap 20 Bb
g w /nv Tst (sp) 7? am-..

l"» (SOo) 216 (2/2*

Lake View inv Tst 756 7-
“ BC *Jh*re ft .London Inv ;Tst 74 (2/Z)

Law Debenture Cora 156 7 -
Leda In* 1st Cap (5p) 53 (I’D
London ft Gartmore Inv Tst ^5 Op) lift
Lo n 2°" * Ho/vrood Tst 163 (312) .

London ft Lennox Imr Trt 46b Ti3/»l-
London S Lomond Inv TK 163 5
London 4 Montrose Inv Tst' 110b
Lortoon ft Pro* Trt 172 3 4'.-
London St Lawrence. Imr (Sp) 20b (1/2)
London ft Strathclyde Tet 73b .

London Inv Tst IS I- 9
London Merchant Sec 67 8b* 91. ’ DM

Undon Merchant Secs. TtecLn. 7*'.

tSSSSR ,nv «-

Lowland fnvst.

Rotent>urp.«*tlntim WSfl (BD.IO) 274 '.rrrrt V y. t

St Hricn k G^d Mffee (*[■)> jflJ ~ r - : =^ J ~ ' J l

StotoMt «RP*%- (RO.-H» iiti .. erw : '.r -4 -*,

SwhkK- Jack-Mtoe, (RO.ttt) 12ft 5 35 f-t^

^ African . Larer -Exptor. fRO^S) 53 r *J J -?>-— -

Sa uthvya i r i«d we .(itflsqi fci5.65 6 il’.. • '

?SJz) GoW G* 0 ***" G7M ■ " *-*v •

Trare real to re_jLaPti E«»tor CR1) 24 <29»n*

U.C. Invests (RT) S55 - c;-=r

_Minre «7Q ■«'» 1 rv- . , , } .

Vaal Ttecfs jEvptor - NUnlrm (ROJO) S64i*: ; : K
Venter port Gold MTohig (R1> 390 400 22

Vlektonteln^JoW Mlrtnn /ROTO) 12S (2 ^p, ^

VoOMCrifls&ult-McM. KVdgi (R 0,025)

^ 4^*2) " ’ “ r l

■Wg^WiW^^raUdate^’^w SSV TlCtotSmoretr. -7^, "*
Atom .Gold ^Mlnhig: Otll . 181 8 ? " ’

Wrotern Deep LeVehr: (R2> : 530b SlftbtiCl'-^* * "

: . 65. Option to -Jab, for Qrd ■ 58 CUTS - - «

V^retorn HWgp- GWAOIr 9*1 Jflb 82131* ^0^ ; ^

wtekeilueic-MlRer dnf-«iM:OC2l ' ‘ TtEu* **.. .

. W Hreb r n"!/ '; M'oel /on 25) 42 3 3bv ' • . ' ■ -

Zandpan rai> 470 tr-

-to

Anvil 'Petroleum (2 OH) izj. a

B 2w h ’ B< ^ a ragttfRwsyudlcpte CtPWs,^, .
Brltuti Mrolewn' 2fts;a , d..r 2 W 3.4 b.S '*1

);■

*■: -to ■

*i ft

flunnui O/l ftED TOft

ftffVb IO* io Ut h ££

<- (TOP) 88 8 ■■ ^ .

Century Olb Groan

Charterifaan L5r0 49 50 1 • hW. -

Chartertioure- PatroNann .79 v BO _ _ ‘C C.'
Carnpeonl*- 'Francaiser Da PetreNs ft - ™ p
_(FFr 5o> £ 11.95 aaen 3>;; - •

pom, Petroleum soa.tZiD r- v ? r? *

Energy Capital n zirul si ". kj_ - - ’ r -i

Global Natural Resodtees Com -Shi «tt*T1 _

(Reo by Wbr. to Bn 540* : . b.- Cs tl

Gulf Oir CorpdraHod S3 lb- (1*2) .

KarfW'W'l OU J - ■ bS - a'-’-SU

Hunting Petroleum. Sirica: 200 - -

Imperial -Co rrt Gas ftl) .21 “

„ftpcLn 91b -.

KCA Drill Dig 66 a X-K70 • •• . • •■'’■weti <.u ,

KCA into! T14 5 6 7

London Scottish Marino 385. 8 70- 2 J '■ 1 >r. TN
S 80 2. crn.Prd Unit* (JOW 9-4 (3/0
Mofati era «a> J2Su, (3(21 “ 7. ^ • yT 0

- -ht

— - Li

*&•»:« » 7 - • *re. .... - fc v.

Mitomas Qtoipany- (S4) = S22L
OU Gu Production £S0.O2i —
•0*. (10.01 od). 3b 4
PTMIteF; Cited Oflftcldt

Rxcger- Oil JSSS 40.' SS

(1/2)

azT 33b .4 <21 Z) - l)
'^§) : 9 b v 7 *

>1' - .-• Si

Rww^ Dutoh Petrol earn' (FT tCJ). (Brl C17_ jj. • Ci *

t T» i '5-7 :

l'.*L

‘V

TmcaVeSom .CSS^ro isb -

T« central 22 d z 4 b-
Ultramar 422 '3 Sr fl

Weeks Fbtrtiieom (Bermuda Reg) (S 0.101
268,0/22 ; ■

ar 30 2 * b 4

PROPERTY (628)

M. ami i bora ’ouai^TjL -Cap.. Mo) I Allied London Prop# ROM 88. ' ;8bPCLB
Do. C»p She ClOo) 256 8 80 Oltl lOUtf 2t 1 (HZ) ^

M - 4nd G. Second Dual Trt. Cap. top) | Alteatt to odOTr Prop»--Zoa

s*

so i-

Mancfa^ey. and Metro 87 1 : k; (29/1)

arms Seqrtttlre C5M'2ft b a O)

... Oils' and . Res. - Fond - ftzn®
Monte Invsz. Tst 7®b 7^

Tsa. 198- ifT r. -
British . Land. 88 b' 9. b-90 b b U l b 2.
7 7 o(l a 300 2

ftrixton Estate 10ft 9 li tjt Zt

se. dp. wL SSS? MflWftl •

ffigr S3. 156 • SSg&ttsUm-'

Mocrside 77 fSS) ‘ - I Cherteriielft Prop

h^rrav ^tedonton Imrrt. .Urt. flflb J. ' ' '

Murray Clydesdale 69b 7o h IU Do. it Clarite .»Hckfalls,i

Connor,

UR)

na> .(iDpa-46«s'8-7Cje) -

Mwjay Gtendpyqn Uprat. TW/T« - (3/2).- .Nevr Qrd, .

Mu^Nrethen, 8»» ~ \ ^ ^ 9

N wta. T oro 8 [5Foj5 0rt ,Z3 T| * 4 * ^ A-y - ■

IflZfl Inert. Tst. jr-nai : . . .. - Ewrt N ew jBfthewi-eft1X.T93.g9m •

Wr-* 5cc *‘ 141 W1 jfi i S iy-jeMaii- » - .

Ncrti, !«**,££ V&Hm ’ l ^ ^ '

JXT * .,*?

v -v«

$V .- , rn- . “ *

-7 - '

* 3 -

Northern Airman Ttt! lisa Za cLi - Wrt. 1

~ 38 SBetj, ‘ <SroL«9t.e*B. Cl(^0G^. .N«f «fOpV 165

8s Vtsr^st TSLJnjPQt \ . •

‘Sb-

V 9

Oil end teoc. tolUTret-

383 171 9 70

Tit. Ito 7.I.OR)..-

w*«‘vsr B - ***-'T*- ** M

h.

*ntf Mejjyajjj ■7rt..:744

in X^/» hrm *- T * t -

■wto u m n ;Eet».;

^wUj^lTr. - 1 80*.:

apeUL^Of 3b

gSSS ^ <%Sl£m"Sg5i i SK - ■■

EFESjs&V 1 '

Sta terest Tit Int

1M c w> ' 4 <2m. Creche. fjDM

American 'Invest Oflpl- 14ft ft 7
wd MaraautHe ftSTlni «W-

|«gJS g™** tevesc. TK. A'2SB '-
iSSSj- fS” 11 TVL 87b 8 b.

Tat JflS « 7 ■
SSS? NsKpfl el Tft. IK) 3.2
SrattiSh **® r *hen i I b»«l Vrf - n
IcotSi

Shke» Inv.

5dhere 1
SterH nq

• <

flfWWu.-rtft ■ c Uif. 7toBriJk

«VCrw>. jfl>to_ Ctoitrn i .'ftHdai.) flop)
if^SS^W-'HC-.tiHodin': T3». Bpe

vV 5 - - M»
ts, j:s-

\y

,;v

as.

, > .; ■ .
?¥&bvls '
?o •*«*-.

^Os -

.'It^ii^WT «■ ■">'

' 5^-iaai ^fc**ui uui'i B. 5 . igj
Scatter M ytrp<»y U&ft Pro*.'

• > d r. 2 J* -* y X nJ COp)
Sa erSa yt ■nthn, mb <

AWtttVtO.

Saki. 1«.

trday, February 6 1982

Huettag ObM lU

,U

■ig n 'A yy 1811 f«ww &d i **

r-,lO0HT2B ' .••-.^1--

rJSSSWwErfP##'.

‘Suiftys* Ww CTOp) SOI 3

■•■ cr- -. Htamtalaltutabtt.iBfOSS.ttgn,-

r fs V« .IObcUm.

' - - J> i.= . '.SWiHh. BubCwc i£l i USA >3 J2*

! : . : ;■: * . sraiamson t«» hw- ®t » 2ii 5 lirt)

v’Vr* V : ■ StamNG (1X9).

'•■ V* - Caledonia Invertmeats Ul

-:' ....-Common. Bk*.ISOb#-J62--C3JZj- .

y. ; r-^ Nuuni 42 ®*

:• : : - ” ~

■LIUL MWBff

og«n. # T™«on sod Trading 13c 7i;S

"8^7 SM, * m «•- Bfd <£11

3s"! B^Stfc Une «SOp. 127 s. A (50 W

3S§naw> - —

-■ . -; • UTILITIES (10)

Dnnl,n Ccm»anvr»- c U1)

sks SiWop 1 ; 8 ^' "• «»

S^J??***®“*

'Ln,™

Milfpra bocks ill) 1*7

UNLISTED SECURITIES
market f2w>

A « Security (5p) 82 09 1)

■?«-. Jwjlery HOP. 76 .3,2)

A^raioJt* Eng.. U& 31
| Air Call 20* ij 21

aIXS* 1 l £V» 5?' an * n ,1Dl ” *i ■» «

S^J^qaSW 'irW.251IEn.24S

c?P B ^rtg*SS u V3 ST* r,ow "•

fi 41 F****** '**P> 1* t3'2). Ord

cK* P ou 1 i£ii , '?K y 0B3 ,B, = a-- 2 *

Clyde Petroleum 128

cwwit»«it» cetnoutec FlnanclM non)
Crawphora r£1 ) 705 «iNt,
D^" , d^^ Q ° 00> 11 * ’« -

& B JKre?w%F

EWridse Bone A 0.1 > 3S2
Fffjpiwy Fining i}Op) 42 ff '21
Eoukou (TCP) I 32 3 <29)1)

Eurodamr (top) 13

f-J&cWoS? fiBPWP" ,MP) T5S

Fleet Street Letter i5pi 31

Floyd OjI Partir LnaiitMit HOpl qo 102

Fpller Sm«N Turner A (111415-1 J l)

“ Oil Airwne r22a) 415 20 5
Ceed RHat-on* (lOpl 68 9 70

Grcerawch Ca&to 35 7

HsOlaM .John) 1 1 S .2 2)

Har dinger Prowvt«-3 1 1 Do) 90
Hjnons Grp- rsn) Sir 7 <2,2>

Harvey Thompson .260) so*

Hayten i£i) 167: i«l
, Heelamai ni>r) IIS 7

K *»iwrii MomKvcJec tMp) 84
iIBHyrsldr Electron.: <10ol Ifif- <2 2J
j jCC oil Service (top) i B
1 Ini as v» Leisure tJOai 703 4. 5 6
Jaekson Evplar-itisn 108 7
Jayplant iSol 5 "iaO
Jon pm one's Paints -loo) 71 I32y
Kennedy Brookes non) TS3 7
L '**■•«' IZOp> 19 11121 . Ortf.

'Spl ii . 9 1, 20
London Private Health 2R»

McLatlflhl.n Harvey 77 13 21

MaUnlafn Tin eSp) SO (7 lZ)

MirVhetrh S*C.- Ptf 134 f •'

MtmiBW Wine 38 9

Wf«J Bulletin .top) 11) 2. S <7'2J

MirrcrflUn Benroprapmea Cl Op) 60 >2.21

Midland Marti 66

Money IK. H i riapl 35 Off*)

Hew Conn Natural (Sp> 47 i; 0 t*»
Warrants . 1 0 1 3 rjjj
^''Sfta.'nl; 1*0.201 IWHa 9 65i S «>?
■ 701 70 2 3 4 5 7.0 Ml)

ORE Mflp) 250 <5.71 ..

Oldham Brewery i5p) 135 7 B

*^ 1 tsre "«••«*• lt r. .

Plct Petroteum <£11 121 ’i S3
Reliant Molar. «Sp) 10*S,'Z»

Roilr Nolan Comparer (lOn) 52 '

Sim sang CJ*v»t ia«,pi 17 i3ai

Saam Oil (Sap) nz-itppdi 15 & CS.7)

5«an Data Int. <1Bp) 102 Cl)

Seine TV non] 40
Sheldon Jones 71 (7.7)

soortiwect Con. nw Sf 2-
Sovereign Oil 323 B 33 S*a
stanelea 11 On) JB 13?)

S-ar Computer ilOp) 32 •*’-
TeioniKjn South ■ lOn) 52 41.

l^r«. tflj 157 B; IZpcPf. (7Sp>

Tnorpac .S») flS (2J2)

Trust Securifei «40p) 342 3 •

Uld. Ceramic OKtntaulora <79p> *2 4 t3(2)

VW % H f 2! , " B ^ aM ** 6 t3 ‘ 2i
Webhr^Eiotlro Components Ord. tL2''rpl

-wiiiaH* Svnems Ord. OOP) 15 . RcarrKtad

Dir. Ord. » tl 71

Vortc Mount Grp. Ord. (10a) 51 'i 2 1
Zyoal Dynamics Ord. <5n) bd [217)

RULE 163 (I) (e)

Bargains marked in securities
which are quoted or listed on an
Overseas Stock Exchange. : ' '

Abarfoylo TOO (ZI2>

Aonex 45 «2j2>

ABinlco Ragle. LIbm 325 USS8
Anoma Central Rly 810 <1>2>

Amad 6

American Homo products U3S33 r29il)

^ ,T lS rk f. , L. s, 4 ,,,,;,rd -£ 1 3, '» «®'i> • ■

Anglo Utd Dmn 30 .

Am insects 100

Aroosv Gold Mining 60 IS 2)

Ashton Mining 61'. 2 3 • •

A»m« Manganese Mines or SA U5S74<i

Australian Cons Mina 30 1 -
Aust Faundanoa Inv 66 72 (79(1)
Australian Gaurantee Caro 136 i2 21
Nat Inds 17BC 83
RMI 87 <29 11)

S* r, iS E P' '. 2 '1 12911)

Harvmln Exnl B
Basic Res tail IBS 7
Beach Pet 70 4
, Beaixar EkpI 13S <?S 1)

Berluntal Tin Dredplng (Barhad) 192

Good Coro 146

Bond Corp Opts 3'z « 2)

Poral 177 Hl2l
Bougainville Copuer 72 3
Row Valiev 725 .

Brambles jnd ]42 *29 *1

Bridge OH 345H <3 2)

BP Caru oa 'don..

Brunmlck- Oil Pi <3/21
But ;L SpniBd<*5P7 hilt S3© 5

£RA 1620 06 60 123456*

CSK 208 9 '1 10 13 U

CxBco* Norm West Aust Oil U'r (2 2)

Carr Boyd Minerals 131- .» 2*
CaHletnalne Toohcvs 2050 (2/2)

Central Norseman 515
central Pacific Mina 44 5 7
Can to 100's 12 (S.'Zi
Cheung Kobo 185 &

China Light ana Power 725 <1'2)

CIUM 5<r*iee £20.15 <Sf2»

CIW OeePtslOO <2. 2)

Claremont Pet iAUJSI 88© 3 »» 4 '

Clirfl O'l Australia 37ij B

Calcfi (G- J / 135 «X21

Canes Austmlia 5 *u

Can» Gold Mining Argas «A50 25i 4(.

Cons Moridenomcins 830 USSUM';©

1 >75 POD ,

Cant Kwirm 8© 8 l2>3l

-Coming Glass L2BUO () 2l
. dltus Pac. IB'; 17
Dn*ot .Bank Singapore 211
Digital Equipment C4UO
Dome Mines 735 <3'Zi
DoubM Eagle 48 50 1 Hj 5
Dresser Inds £13.96
Du Punt H9> (1121
. Eagle Corn 25 <3 2>

Eastman Kodak LIB', CW>

. Emerson Electric tza 11121
Endeavour^ Res 191. 20 li

Eurocair Ventures 55 13 21
! Errapn Coro. L1&..

I EZ Inds 252 <29 1)

Falmouth P«s 65>ia 72 <2'21
Flair Res IBS 5
Forsyth Oil and Gas 2l« i2.2l
Full Photo PI Im 310 15 (1:2)

FiibIUu 325 (3)2)

Com Exal 3':

I' Genoa Olt IDS 10
! oeometel 8 >2 2)

Gaorola Pac Corp 975© 5 til 21
Gold Mines Kalpoorile (Aust.) 285 90

g race Bras 133?Tc2gj1)
rut Eastern Mines 6hj 8
' G r een b u shes Tin IAS0 T01 6T
I Geeonyale Mining 10
| Golf Canada 635 40 usii2'. <3.21

SSS^fd 1 ^.' W 230 5 40 8

' Hsrtooon Energy 325
Heda Mining 500
Hewlett Packard U5S42'< (291)

Hlghireld 5leel 228© 8 |29/1«

Hlahword Res BO© 3

Hill 50 GMd Mines 23 4 i> a'2l

Hitachi 162

Homestalie Mining £15.80 16W 13.2)
Hong Kong Land. 83 4 5
Hong Kong T Men hone 262 12/21
Hong Leona Credit 185 (29 ii

Hnng Leona Inds zw
Hodknr Cdrp 75 <2:21.

Hoieltal Co of 'America ©IB'^© 17% 1l*a
£ 19

Hudsons Bay OH and Gas £21U H
Hutchison Whampoa l&Oi;

IAC -300

Imperial Oil A Cony 990 (312)

I Cl Aust 95 L29 1).

Inland NaniraF Gas 7 DO ll;2)

Intql Mining 21

Intel Petroleum 170© 5© 7© 85© 75
85 90 S 7 205
Jardlne Mathfisofl 165 72 ■?

Jardine Msthaion Finance 28 (32)

Jardlne Secs 140' '« <2 2)

FF UNIT TRUST INFORMATION SERVICE

m

’ Lti :•;» ^

^ *n « -l

«a*M ■ j

•■"."Sl'iU I

■►arrsB.© . '->‘1

-■c-Hewi .is-.?-' ;

SeF.LM.

062«-2mi

CPOBW'SMV

MtoMm unt IUL

( 590, JtacKoog '

Jardlne Sw© Warmt* u MW
Jirnberlana Mins 23 a , _

Johnson and Johnson £181* I©:* O © . .

Jititti » to 30 <2(21

Kwpef Sblpvard ISO* SO ttl) . .

Key West E»pl 6*s (Ml
Kla-Ora Gold Bh (Il2>

Kitchener GoM Mining 8* 70
KDlim (Mslavslai 54 (1.'2i „ .

LekBurdr Esnl 11»a 1Z 14 f2.2)

Lend Lose 215 17 (212)

Lennart) Oil 22
konweach Oil B (1.11 . _

MfM HldflS ItO 5 4_8. 7 8 • • •-

Mecfw Ree MirJCOOll)-
Madison Fund 875
Magadan Pet Ant 215

Manner Metals 9
Malevsun Plants 58

©MO 5 (29.-1, '
Metcustiia Elec inds JOiWIMi
Meekatharra Min 182 8 8
Merkdan 011 15
Metals End 37 9
Melramar Mina 14ta

Mu) Easr Mins »«:

Miifublthl Electric S3 4
Mogul Mining 58 60 70 3
Monarch Pets 11
Moo me OH 105© - -

Mount Carrlngfion 16 _

Mrer Emporium 85 <3 2)

Negri RNer »7© L® «a© 18«s
New Metal Mines 1S.____

Newmant M.n Cora £20.70
New Tym Prop WrrntS 2'i; «2i3i
New Zealand Forcnl ProdS 142
Nicholas Intnl. 82 BFfU
Nkkelore 27 8 <1'2r__,

Npranda Minns 878 <3I2‘

North Brawn HB1 1«5 *0
Northern Mining 193 C5I2)

Northern MJoln© 4A50JO Pd., 788 98

Norm* We* Mining 18 nB)

Oakbrldge 112

Oakwood Int. Pets, ll'i
Offshore ou [A50J3D 19 h 20
Ohio Resoerces SO©42
Oil Co. of Australia 23b© * b
Oil Min. 12 (29|1>

Oil Spared 13 15 U

Owm! ’ oTi iS * Bank IPO 29© 300 (2(21

Pacific Coooer SB '

Palabera MlrPng 598'* BOt C2I2>

Pall Corpn. 16b (1(2,

Paid wr Res. 170 53 3 90
Pancwrlnental- Mining 126 7 20'2

MONEY MARKETS

London clearing hank base

lending rates 1* P*r cent
(since January 25)

Day to day credit was in short
supply in the London money
market - yesterday. Factors
affecting the market included
bills maturing in official bands
and a net take up of Treasury
bids -£294m and a rise in the
note circulation — fl5Dm. offset
by Exchequer transactions
+£125ra. The Bank gave assist-
ance in the morning totalling
£133m comprising purchases of
eligible hank bills. £5m in band
1 (up to 14 days) at 13? per
cent, £ll4m in band 2 (15-33
days) at 1311 per cent and £14m
in band 3 (34-63 days) at 13} per
cent.

Further assistance was given
in the afternoon after the Bank
had revised its early forecast of
a shortage of £300m to £400m.

hit MN PM. 11© lOb.

PeKo-WallMnd 145 52
M*»rt 32 3 <2 12) ...

PMfifrt* (pc- £>Sb (3/2)

Pttraftna SA £54'«

PrtRHcum SHL All*- £5-1 <3l2>

PfiNM Dodge £17 (32).

Phillip* ho C18H© *■ 1»H
Pilgrim PM. 23 (M> _

PlBBMr CmchW 90 2 3

Power Cor*. Of Cawda 380 (2(2)

' Q vent 18* (312, .

BSSfiSJP^usss

••niion 250 07)

Reeco 7R

. InoaRi 5*nrlc» 132

SwlS? a l n w j: MM * 2*3
3 and K Pet r ol eum 102© 12© ISO 3 12
S4fi.na 17 IB (2'2)

Sanuntfia Exsln. 19

Sant Of 350 3 4

satei 160 1 4

Scant re Rnauim 425 30,

i», a View Hotel 1780 -JI'H _

Selangor Coconut* 56 63 >3/2 1

tnacUMtm PM. 13 is £ >! IT ■

Si^itMraLud 2609 55 6-0 <2S|1,

Soul hern GaMfkald* 8 (112* ' „

Southern Pacific Pets. 1* 20b 1 2

turSard Oil or California £1 9b (29/1 )
Standard 0.1 of Indiana SSL
Standard Oil * Ohio £18>* U

Strait* 9 Trad ’ira *252 60

Strata OH SI 2 3 C5/Z)

Strata OH Ourtom 41 3 OKO..

Sim Meadow Pw actng 69© 70* 69

Sumitomo Metal 520 3© nm
Somatk Pet. Com. 135 7 (1J2)

Swan Resource* 31(1(2,

Swire Pacific A 103b© 5'«© 3 1* 4 <s 8b

■ ■

Tj^t pUS. tatAts Pd., 14b 15

Tsxas^M B *n0° %6b© b© U5S3SU
<2»'1I_

Timer 011 4
Tooth Co. 113

The afternoon help comprised
purchases of bills of £25Sm,
making a grand total of £401m.
The - Bank bought £10m of
Treasury bills and £24m of
eligible bank bills all in band

1 ail at 13i per cent. In band 2
it bought £45ra of Treasury bills
and £155m of eligible bank bills
all at 133 per cent and in band
3 £5m of Treasury bills and £2m
of eligible bank bills at 13$ per
cent. In hand 4 (64-S4 days) it
bought £20m of eligible bank
bills at 13 1 per cent. In band

2 it also bought £7m of local
authority bills at 13?ft per cent.

Ita the interbank market week-
end money opened at 144-14J per
cent and eased to 14} per cent
before coming back to 15} per
cent Closing balances were
taken at 10 per cent. Longer
term rates showed little overall
change ahead of this week's U.S.
money supply figures.

THE POUND SPOT AND FORWARD

US ■ V teas- 1.5780 1 5560-15600
Canada 2.2375-25620 2-2400-25420 .
Noihlnd. 4.76 ^-4 80V 4.7SV5.7T*

Belgium 74.00-74.70 74.45-74.65

Danmark 14.23-1453 14-28-1450

Ireland 1.2365-1.2440 1.2390-1.2410
W. Oar. 4.34V4.38^ 4^,-4.36V

Portugal 128.75-12850 . 127.00-12750
Spam 18450-18800 18450-18450
haly 2522-2.340 2.328-Z3M

Norway 10.98-1159 11.02ij-11.04>*

Franca 11.04-11.13 11. 08^-1 1.10<«

Sweden 1098-10.89 10.62VtD.64>)

Japan 430-438 . 433V434 1 , *

Austria 30.40-30.65 3050-30.65

Switz. . 3.49-3.53 3.60>«-351>*

Belgian rata is for conveniblc
Six-month forward dollar 1 .02.-

Cloa© - One month p.a. month*

15580-15600 0.15-02Sc (ft© -1.29 0.55-0.65dis -
2.2400-25420 . 0.105.20c dt* -0.80 O.SJWJ.BOdto -
4.78 1 »-4.73 1 » V«-V«c pm 3.76 5V4^i pm

74.45-74.65 10-30C dis -352 62-92 dia

14.28-1450 2-3or* dia -2.10 6V7 1 * dia -

I. 2390-1.2410 Q.33-0.45p dia —3.77 1.19-154dis •

45y,-4.36^ 1 V1>*pf P>» *13 4><-4'*pf pm

127.00-12750 4 5-1 tec dia -951 145-415 dis -

18450-18450 5 -30c d Is -1.14 60-85 dja -

2328-2330 11V14k li©4l -6.57 44^7 dl*

II. 02ij-H.04>) 1-Liora pm 0.68 ]i Pm-V dis -

11.0BV11.10 1 * Vibe db -0.64 S-4edl«

10.6ZV1D.6t 1 ) IVVotfi pm 0.78 «Mpm

433V434b * 2.90-2.60y pm . 750 8.70-850 pm

30.50-30.65 14V11bgrO P™ S.11 3B>^31 pm

3.60>4-351>* 2-1 Vs pm 6.83 ^fSepm

i r cofiverjiblc franc*. Financial franc 83.15-83.25.

I dollar 1.02-1 -12c dia. 12-month 1.70-1 .BOe dis.

Trl-Conthtmtal- Bk : •

% OH,

UM? Omwas' WW 100 S 6
Utd. Oveneas Land 92 f 1 / 2 '

u* seed usszs^ no

Valiant Com*. 11 W®,

Wall Kwon* Prop*. 1611(312,

Warrior Rea. 520 dB 50 1 9 (912,

Wait* fiaanagement £17H i •

Watti* Gully Goto Mines (29/1)

Wrct Coast HI As. 8
Westfield Min. 45 iZ'2,

Wnlcrt Pet. 80 (29M>

Wcoting home Elect, tw
West Trend Res. £7 lO Qijl
Wheel nek Marden A *2® 6*'!

Wheel ock Msraen 8 3ti 12 2)

Whim Crack Coes. M
WeodsMe Pets. 62* ■; S '» * Jr 5
Weolwenh (Amerlrai US617 (2.2)

WciW Hit. 26 1212 >

York Resources 22

Zona Petroleinn 159© S (29(1,

RULE 163 (2) (a)

Applications granted for specific
bargains in securities not listed.

on any Stock Exchange.
Adnams 8 £10.50 <z;2,

Ann Street Brewer* SOD S (3/ZI
Baker Electron.es 30 '< (1'Z*

Bell and Co. Sscpf. 32 4 i29|1)

Berkeley Hay Hill 8 i"i« *

Buenos Ayres Lkisk Tra mw ays 5pc
MW.Db. £15 20 C2.‘2I
Camra (Real Alei Invs. SB 12121
Camia ^iReal Ale) ins New (Nil pd.i 1

K «Ct Invs. B 10i« (3(2 1 .

Brewery 280 3 (T{2,

OP, Ji (29111
IP) F» 5»

Ik of Wales 07 9 TOO (2/2,

!■ and Nat. Res. 280 t2*H,
Cunningham. T. W. Thwaltet £26-7
Calaha Chvlon Tea 12 09(1)

Grampian TV- 40 5 (2(2)

Gibson (W.l and Son 4 hpePt. 17 20
Grendon Trust UpcLn. 1S7B-83 £S2!> 3
(3121

CRA Prop Tit. 171* 8 I?

Heavltree Brewery A 850 (29:1,

Hrmerdon ‘Mng. and Smeltlnn SB 60
Home Brewery <2 Sp< 620 30 (3/;,

InterMfilon Vide* (H rags.) P W- 3B !j 7 Is 8
interrtfiKMi Video 7KCrw.«. 1W*

2 (3'2,

i nyl Til- Si- SL
U inline El. 12pcCns.Pt.F1d.Rd. S
Manx Prtroteum 37 8 (2(2) _

Mfipatasams Rubber 20 0(2,

Natisiuklde LelMm* 9H io i» (2/2)

NWW Computers iw (S(2i ___

Norton VIHIeK Trtomph h Ife (8ttl
Oliver iG.i Footwear 1 J'-peLn. 198J-S3

PM^A'Wt 4S '

Plantation and Gen. (nvs. H Cm
Raws Evans Invs. 38 9
Seymour* 4pePt.PT. 35 (31?)

Sheraton Sec. Intnl. 1 1 2
Sonic Tipe 47'- 8 * SO '!<

Smith*™ Newsonacrs 198 9 60

SPO Minerals 14

Star Offshore Senrlra* 5! ! (1/2.1 ,

Star Offshore Services 10rcCnv.£n. 1982-
|M9 £1 CO In

Strong and Fime* 7'Mx£rL5fis. 41 (3<Z>
)M.UK 4}pePI. 40 r i«

Wmetafiiy A fhion.Vtg.J 77 78 (89/1)
Wlnchmore 20 354th»

. rerverton mv*. 32 3 (3.'2)

RULE 163 (3)

Dealings for approved companies
engaged solely in mineral
exploration.

American Oil Field systems 1ZB 31 2
Aran Enertv 24 5 7
Atlantic Resource* 160 70 5
Berkeley Exploration and Production 330

Cambridge Petroleum Royalties 265 70
Candecca Resources 201 9 4 5 6 7 S
Celtic Basra OH Ban. 210 (29/1,

Eglinton Oil and Gas 95 .

Energy Sources (N.I., 9i* (2/M
Gaelic OU 140 (2/2)

Krnmire Oil Emloratton 16

Marine* Petroleum 102 J « 3 U

Moray Firth Exploration (50 p Paid) 110

Osprey Petrol* om 65 6 70 . „

Steaaa Romans (British) SO ' 3 r. N 4 5
Sun Oil <K) OH Royalty Stock 220

(By permission of the Stock
Exchange Council J

EXCHANGES AND BULLION

The dollar, was slightly firmer
in currency markets yesterday.
Trading was rather restricted
ahead of the latest set of U.S.
money supply figures, due for
release in . New York after the
close of business in London. This
one statistic appears to havo
dominated the movement in
currencies over the past few
weeks with the situation in
Poland slowly sinking into the
background. The dollar closed at
DM 2.3460 in London yesterday,
slightly up from Thursday's
figure of DM 2.3425. Similarly
against the Swiss franc it rose
to SwFr 1.8860 from SwFr 1.8815
and Y233.60 from Y233.25. On
Bank of England figures, the
dollar's trade weighted index

GOLD

Gold Bullion (flit© ounca,

Close 'S3B5Si-3l84'i <£2D6l?-3M) '1884 385

Opening 85851? -5B6 i 8 (£2051) 206 1 ! 8379 380

Morning flxInB_;S584.S0 l£205.395i S383.7S

Afternoon fixing 638455 (£206.566) 1 53 83. 75

was 111.3 against 111.4.

Sterling traded steadily for
most of the day but suffered
towards the end mainly on pro*
posals for lower North . Sea oil
prices. Its trade weighted Index
finished at 91.6, down from 91.7.
having stood at 91.S at noon and
91.9 in the morning. Against the
dollar it opened at S1.8780 and
eased initially to S1.S675. It
touched S1.S350 mid-afternoon
but came back to S1.S600 before
sinking to a low of S1-S525. It
closed at S1.S5S0-1.S600, a fall of
1.1c. Agaiost the D-mark, it fell
to DM 4.3625 from DM 4.3775 and
SwFr 3.5073 from SwFr 3.5150.

Gold closed at $3S4i. down $1
an ounce.

(£206-206 ■(]
(£205-203 lz)
l£205.489)
(£205.974,

Krugerrand-

lit Krugerrand...
1/4 Krugerrand ...
Via Krugerrand

Maplolaaf-

Nsw Sovereigns.
King Sovereigns

Victoria Sovs

French 20,1.

50 pesos Mexico
100 Cor. Austria.
S20 Eagles

Gold
5395*1-596))
82031--2041;
6104-105
S42-45
63961, 3971)

694-9412

S1B9-110

8109-110

S92-102

S475-47B

6373-375 lg

8510-514

Coins

(£2 1 32 1 3 let

(£109is 110)

(£56-56is)

(f&2t”-23i,,

(£21314-213,4)

(£50i=-60,a)

(£58,g-501gi

(£5B+ -59 lg)

(£49>?-55i

l£2 55 >2-257 U,

|£8005«-a02l4)

(£27412-276,4,

; 5397-398

1 S204Vr-205l 4
i S 104- 105
; S42IZ-451?

I S397l:-39Bifi
1 B94>:-95
■ S109-210 •

' S109-110
I 692 102
I 8477-481
| 6375-378
! 6510-514

(£2121b-213)

(£109)4-10934)

(£55,4-55)14

l£22V23i4)

(£210-210lj)

(£505014,

i£6Bls-59)

l£5Blz-59)

(£49 U-54 111 „

(£25514-2571,,

(£30012-200 U,

IC272V275,

EXCHANGE CROSS RATES ■

U£. Dollar ] Dnutsoham'k Japan'ie Yen FranchFranc Swigs Frano .Dutch Guild'| Italian Lira |CanadlaDollar |Bciglan Frano

. French Franc 10
'Swfts Franc ,

Canadian Dollar
. Belgian Franc 100

EURO-CURRENCY INTEREST RATES (Market closing Rates)

Feb. 5

Sterling «

i

Ui. Dollar 1

| Oanadian 1
\ Dollar

Dutoh Guilder

Belgian Franc 1

Italian Lira Convertible (Japanese Yen

15U-16,a
1536-155*
151c 15»4

14V- 14*

171J-19
183|-21>,
205* 21 5n
22 1,-22 t 8
22 Tb- 23ic
231, 24

12 14
IS-lSlg
161,-17*4
17,4-1812
18-18*4
17S*.1B

SDR linked deDosita" one month. 13-1% per cent: three month* 13V-13V Per cent: six montha 13V-131V per cant: onn year 13S-13*, oer cent.

ECU linked deposits: one month 13*i*-13“» per cent; three month* 13*u-13 u u par cent: six months 131i-f4V per cent: one year 13 7 ,-I4 >j per cenr.

Aslan S (closing rats* in Singapore): one month 15V15>* per cant: three months 15V15\ per cent; six months IS'i-IS’, per cent; one year 15>„-tRV, per
cent. Long-term Eurodollar- two years 15V16>«. per cent: three years 18-Id, percent: four year* 16-IP, per cant: five years ISVIPe per cent nominal closing rates.

The following rates were quoted for London dollar certificate* of deposit: one month 15.25-15.35 per cent; three months 15.40-15.50 per cent: six months
15.50*15.60 par cent: one year 15.55-15JS. per cent.

FT LONDON INTERBANK FIXING (1 1 .00 a.m. FEBRUARY 5)

■Wii a

5 months U4- dollars

6 months U.3. dollar*

offer 16 11I1B 1 bid 15 1/2 J offer 155,7

‘Certificate
of deposit

ffga i ip ai

Deposit*

m

The fixing rate* era the arithmetic means, rounded to the riaareat one-sixteenth,
of tha bid and offered rates for SlOm quoted by the market to fiv© reference banks
at 11 am each working day. The banks are National Westminster Bank, Bank of
Tofcye. Deutsche Bank, Banqus Nation a/e dm Paris and Morgan Quantity Trust.

Bank of
England

14^-14*
14* 145s
14J 8 -14 Sb
1412-1458
1412-1458
141*1458
141z-145fi'

j Note Rates

30.50-5080

82.75-83.75

14.25-14.39

11.06-11.16

4.3454^.385,

2340-2406

t Now one rate. * Selling rets.

U JL CONVERTIBLE STOCKS 6/2/82

* Name and description *

• _ Con- Premiumt

Size .Current version Flat Red.

(£m) price Terns * dates* yield yigld Current Rangel

K60- 299.50 333^

Statistics provided by
OATASTffEAM International
Cheap(+1

Income • Dear(—
Equ.§ Conv.S Div.C? Current

S7R 18R .+19.5

British' Land ISpe Cv.

Hanson Trust 6ipc Cv. 88-93 : 3.02 167.50 114.3 76-83 3J

Hagson Trust &fpc Cv. 01-06 43R2 116.00 71.4 8501 8.7 - 8.5 6.1

Siough Estates lOpc Cv. 87-90 5-31 23550 1875 7885 4JS -

Slough Estates Spc Cv, 91-94 1 24^8 lOft.OO 78-0 80-91 7.4 6.8 35 .4 to 14 2S 5 44.4 15.1 +11.5

• Number 61 ordinary shores fnlo which tlOO nominal -of convertible nock is convertible, t The oytra cost of ih U p-» mo „, • ■ . . " T~“

cost of tfr© OQUhv in the invertible stuck, f TTrrea-mon/h range. | Income on nomlrer of ordinal SE nSi

— OS +. 6.3

equiK a^prassBo as psi esm ui mu vaiue or me unaenying equiiy. o ins ciirersnca bBIWBan the Braoimm and j j 1

of underlying equity- + is an Indication el relative cheapness. — is an Indication ct relative dearness & Sacond ««' 08 05 S«“ nt o lJ. h0 , va!ua

neMsaanly .th© last date of conversion. ■ ■ onarness. # Sacond date is assumed data of conversion. This ie not

(

20

Financial Times Saturday February-6 ,1S^

Companies and Markets

LONDON STOCK EXCHANGE

Interest rate hopes continue to support Gilt-edged

Equity leaders close volatile week on rising note

Account Dealing Dates
Option

■First Declare- Last Account
Dealings tions Dealings Day
Jan 25 Feb 11 Feb 12 Feb 22
Feb 15 Feb 25 Feb 26 Mar 8
Mar 1 Mar 11 Mar 12 Mar 22

‘ ” New lima " dealings may take
P*9W from 9.30 am two Duslncss days
earlier.

Government securities were
again the major force in London
stock markets yesterday. Though
attracting substantially less busi-
ness than recently, the sector
was again supported by hopes of
lower international interest
rates. Gilt-edged also gamed
from news that public sector
borrowing was firmly under
control and should allow the
Chancellor more room for
manoeuvre in next mouth's
Budget.

Continuing stock shortages
hindered business, but sufficient
funds were invested to take
longer-dated Gilts up 5 and to
raise the shorts by 1 in places.
The absence of any new Govern-
ment funding at the official.
3.30 pm. close ensured mainten-
ance of the firm tone after-hours,
despite sterling's late easiness on
reports of a North Sea oil price
cut. At that stage, the Gilt-edged
market v.-as showing no sign of
nerves ahead of the l?.S. money
supply figures, due to be released
much later in the evening.

Leading shares dallied
initially, but improved to end at
the session's best. The collapse
of Laker Airlines had little
impact, although other package-
holiday concerns responded to
the prospect of picking up
increased bookings. Aerospace
issues settled after Thursday's
weakness attributed to the Lucas
Aerospace redundancies, while
scattered firm features resulted
from bid speculation and com-
pany trading announcements.

Despite a slower trade, leading
shares closed the second -leg of
the extended trading Account on
a rising note anti the FT Indus-
trial Ordinary shares index
ended at ths» day's best with a
gain of 3.3 at 578.1. This
measure, which at 10 am last
Tuesday was nearly 20 points
down on the previous Friday
close, settled only a net 1.7 lower
on the week. The broader-based
FT-Actuaries Industrial group
index closed at a record high of
320.70.

Midland dip and rally

The early announcement that
its subsidiary Clydesdale Bank
'had appointed a receiver and
manager to the collapsed Laker
Airlines prompted nervousness
in Midland, which fell to 32Sp
•before rallying to dose only a
penny cheaper on balance at
337p. Other major dearers
initially reacted a shade in
sympathy but dosed flittle
changed on the day. Dealings
in Barclays* 16 per cent

unsecured loan stock 2002/07 got
off to a fairly bright start, at
2 pm. opening at a £2 premium
over the issue price, of £100, £25
paid, and touching £2} premium
before closing at £1} premium.
Elsewhere, Smith St Anbyn stood
out with a fresh jump of 6 to
48p, after 56p. following the
chairman's remarks at the
E.G.M. concerning the company's
greatly improved trading posi-
tion. Other Discount Houses were
mixed with Cater Allen dosing
5 better at 305p, Jesse! Toynbee
4 dearer at 5Sp and Clive a
couple of pence harder at 26p-
Gillett Bfosl. shed 7 to ISOp.

A dull sector on Thursday
following reports of a premium
price war. Composite Insurances
rallied. Sun Alliance at S6Sp.
retrieved 6 of the previous day's
fall of 11, while Eagle Star, 344p,
Phoenix, 244p. and Royals, 360p,
all recovered 4.

Breweries ended with modest
gains although business again
left much to be desired. Bass,
221p. and Whitbread. 106p. added
4 and 3 respectively, but Greenali
Whitley became unsettled follow-
ing the chairman's gloomy state
merit at Thursday's AGM and
shed 4 to 120p.

Among the occasional move-
ments in Buildings, Y. J. Lovell
firmed 6 to 2S0p on consideration
of the £3.6m rights and scrip-
issue proposals, but UBAI shed 4
to 56p following adverse Press
comment. The BSA chairman's
optimism about mortgage rates
helped Barratt Developments to
rise 2 to 242p and Wimpey to
improve a penny to 102p. Else-
where, Aberdeen Construction
hardened a couple of pencp to
206p. while J. Jarvis, a thin
market added 5 for a gain on
the week of 2S to 285p.

ICI fluctuated narrowly before
closing 4 dearer on balance at
342 p. FI sons, the subject of con-
siderable speculative activity
this week following the sale of
its fertilizer division to Norsk
Hydro for £50m, held at 245p to
retain a gain on the week of 63.
After Thursday's jump of 10
following the low level of accept-
ances to Burmah's bid for the
company and the subsequent
forecast of a near-87 per cent
current year dividend increase.
Croda International shed 2 to
S2p. after Sip. Novo Industries
B rose 4* points to £108p.

Stores traded quietly but the
undertone remained relatively
firm. Debenhams featured with
a gain of 3 to 84p, helped by
rumours of a broker's bullish
circular. Gussies A, dull of late,
rallied a few pence to 493p.

600i

Amstrad up again

Amstrad continued a firm
counter among secondary Elec-
■tricals, rising 10 for a gain on
the week of 30 to 230p following
comment ahead of Tuesday’s
interim results. Investment com-

ment also prompted improve-
ments of 5 and 10 respectively in
Sound Diffusion, 71 p, and Lee
Refrigeration. 240p. Still reflect-
ing hopes of an eventual full-
scale offer from Tyco Labora-
tories of the U.S., which already
owns a n ear-30 per cent stake in
the company, Muirfaead added 4
afresh to l34p. Telephone
Rentals put on 10 to 365p and
CA.S.E. finned 7 to 242p. With
the exception of Philips' Lamps,
which rose 13 to 490p. the
leaders closed narrowly mixed.
GEC softened 2 to S40p but
Racal hardened that much to
38pp.

A slow day’s trading in the
Engineering leaders left quota-
tions with small mixed move-
ments at the close. Elsewhere,
bid speculation prompted
renewed firmness in F- H_ Lloyd,
which advanced 44 more to 44$p.
Buying interest revived in
Haden, 5 to the good at 218p,
while Yarrow firmed 10 to 310p
in a limited market Westland
edged up 2 more to 122p, while
Astra Industrial improved li to
12Jp. In contrast profit-taking
left IMI 2* lower at 64p, and
revived offerings prompted a fall
of 2 to 18 p in C. and W. Walker.
ML Holding moved up to 315p
in response to the half-year
results and accompanying state-
ment before reacting to close 5
cheaper on bailance at 305p.

The Food sector displayed,
several firm counters. Associated
Fisheries put on 3 to 73p, after
74p, following the much beiter-
thac - expected preliminary
results, while Fitcb Lovell
touched S6p before dosing a net
4 up at S4p on revived bid
speculation. J. Sainsbury rose 10
to 535p and Kwik Save 6 to 254p.

Bowater good

Norfolk Capital, a good market

' tlv '

recently on speculative interest,
softened a penny to 35p— but
retained a gain on the week
of 8.

Press comment highlighting
the group's substantial asset
backing attracted buyers to
Bowater which dosed 9 up at
237 p. after 23Sp. BOC. first-
quarter figures due next Wednes-
day, unproved 3 to 168p, while
Unilever added 7 at 648p.
Secondary miscellaneous indus-
trials were featured by an ad-
vance of 11 in Blundell-Penno-
glaze making a two-day jump of
25 to 118p on better-than-ex-
pected annual figures. Seenricor
issues remained popular ahead
of Wednesday’s results, the
ordinary and A N/V improving
10 more to the common level of
222p. The assodated Security
Services, figures due on the same
day, advanced 15, also to 222p.
Speculative buying fuelled by
hopes of a bid from Charente
Steam-Ship, which already owns
a near26 per cent stake in the
company, helped Bnrco Dean to
move up 2 more to 45p. Donald
Macpherson firmed 3 to S4p on
acquisition details and Booker
McConnell revived with a gain
of 4 to 69p. BestobelL on the
other hand, lost S to 367p and
Norman Hay receded 7 to 48 p.
Wilkins and Mitchell cheapened
2 to 15p. Alpine touched 59p on
Press comment before reacting
to finish a net penny cheaper at
56p.

The prospect of picking up
Laker Airways' business follow-
ing the Tatter's demise prompted
aggressive buying of other
Holiday issue; Davies and
Newman jumped 20 to 90p
Horizon Travel 12 to 332p. and
Inta5un 6 to lllp. Saga Holidays
put on 5 to 161p and British and
Commonwealth 8 to 3S5. Else-
where. Nimslo firmed 5 for
gain on the week of 40 to 180p
on news ot the marketing and
distribution agreement with
Timex Corporation of the U.S.

Dull on Thursday following

FT-ACTUARIES SHARE INDICES

These indices are the joint compflati en of the Ffnmdil Times, the Institute of Actuaries and the Faculty of Adsorbs

EQUITY GROUPS
ft SUB-SECTIONS

Fri Feb 5 1982

Highs and Lows Index

flaw* In prtn ft HB stew nrtw }
of stteto per atdha

CAPITAL 6000S(210)

BaMng Materials (25)-

CcHneOn GMtncltaCBK

EfcctricafaC31}

Engineering Coa faiH a n (9).

Mechanical Engineering (67)

Mete ari MetU FteteOa-

Motors(2U

OtarMrtiltaMfc(I7)-
C«B— BflMUMPJ

BfwenaW Owners (Z2}-[

Food Retailing (15) -

HteftteHmWrifted«ft(7)_

Leisure (24)

SinrspqwrSf PMAsMngtiZ) -|

Packaging and Rfcier (13)-,

Stores (45)

Textiles (23)

Tobaccos CD

Otter Cormhct (14)

OTHER GROUPS (79) —
Chemicals (16)

Office Equipment (4)
SMppfag rndTraapot (23) —j
Misceftaneous (46).

bl mMULuaenm

Bantafe).

Discount Homes (V)

Insurance (UfaH?)

bawanoe (Cnqtotea) (U9|

Insurance Brokers (7)—

Merchant Bw4s (12) —

nopertf(4W

Otter

[5555 trusts (1X2)7

IHting F in ance
Orer»sTra(fcrsC17)^j-

374.78

33701

595-25

lSUSft

CompUittai

High

37532

337.71

993*2

1283.11)

520 Jit

20239

18830

100.78

40171

294.99

289.65

283.74
59065
393.44
445.60
49522

143.75
27830
148.49
298.04
28027
25837

3SL29

349lM
1 59234
128938
51080
a* an
17938
202.40
408.42
29535
291.96
28058
59330
39637
44530
49834
14243
27630
14920
29298
?8?55

378.70

33805
59734
127880 «
51549
20296
10028
I0L41
40442
29246
23424
28343
50733
39232
44141
50022
144.45
26835
149.94
28479
28533

25827

684J59I -03.120.7

34537

13117

58442

5HJ8

3153?

M4]

3L70

1*9,

^5K

284.72

23248

258.05

worn

-wm

mso

isns

232-07

23239

10J5

— 15854

11331

436.90
15440
459.64
top* to

1437

1134

46050
[ 10722

ms\

25*57

158.40

435321

150.94

45WJ

10532

23800

25432

15753

43923

15336

44L43

12855

fSTS

20-74

434.99

33832

20022

43422

WK

20OL7£|

43203

38129 (3XX2)
34034 (3/2/82}

, 43027 (30*81)
[1290X5 (23/1752}
52305 (5/2/82)
23824 (204/81)
182-98 (29/3/82)

112.76 mm
41003 (5/2/82)
2977* (5/2/82}
32534 (16/4/81)
287.47 (27/1/82)
59752 (29/3/82)
39637 (3/2X2}
476-41 (14/8/81)
52635 01081)
16179 (D5AD
29406 PIV4/8D
172.84(30/4/81)
30814 (5/2/82)
323.40 0/5/81)
269-99 (5/2/82)
34939 (5/2/32)

mJKcmm

644.76 (24/4/01)
32136 (S/2/82)
320W~ (5/2/KT

wt# vssnsm

rnxSmjimm

3MJBC2O0W1)

29844 0/WOJ

18009 (1/9/81)

443.91 (11/Rffll)

17956 (2f7m\

SOU (2W1)\

10900 (5/2X2$ |

»» mxm

29fc26 04flffl)

48851 qa/aan

33854 (17/8/81)

27228(15/2/81)

2340203/1/83)

40339 a nan

88813050/81)
374.44(20/1/81)
162.4705/1/81)
12704 04/1/81)
82.73(6/21/81)
2775505/1/81)
22750040/83)
244.42(13/1/81)
2043704/1/81)
44009(11/3/81)
2638(14/1/82)
32733(14/1/81)
414.73(28/9/81)
10005 04/1/81)
2U.94 utmm
12257090/81)
19357(19/1/81)
22904(28/9/81)
19109 (28/9/81)
23535 03/3/81)

9iT9 aomm

43038(28/9/81)

240.93(28/9/81)

jigsaw

mkersw

39129 (3/2X2}
34034 (3/2/82)
41027 (30/4/81)
(229005(29/3/82)

52305 (5/2/82)

23006(24/4/81)
19209 (4/5/79)

17059(15/1/49)

410*3 (5/2/82)
29708 (3/2X2}
32534 (16/6/81)
28707 (27/3/82)
59752 (29/1/82)
39657 (3/2X2)
476.41 04/8/81)
52635 (U/5/8D
16179 075/81)
29406 (30/4/82)
235.72 07/1/67)
33936 (2/8/72)
31100 0/5/8 1)
26009 (5/2/82)
34959 (5/2/82)
24406 (1/9/72)
644.76(24/4/81)
32134 (5/2/E)
3S WII &/ES2T

OHM&m 1)

low®)

22804(11/3/81)
21135 (7/1/82)
222.74 (7/1/81)
14206(39/2/81)
29401(20/1/83)
12753(28/9/81}
377ji (mm
USM(2tXXl)\

25750(28/9/81)

2063* (MflO)

36905(28/9/81)

MMI]

50.71 (13/12/74)
4407 (11/12/74)
7L4B (2/12/74]
8451 (25/6/62)
6439 (2/1/75)
4503 (6/1/75)
4905 (6/1/75)
19L91 (6/3/75)
(27755 (15/1/81)
6101 03/12/74)
69.47(13/12/74)
5907 (13/12/74)
5405 (U/12/74)
{17538 (28/5/80)

sib mm

5(M (6/1/75)
43.46 (6/3/75)
5203 (6/1/75)
62.66 01/12/74)
9454 (13/6/62)
{22904 (28/9/81)
58.63 (6/1/75)
7100 (1/12/74)
4554 (2/3/75)
9000 (29/6/62)
6059 (6/7/75)

2H.45 (Ml

29102

31933(20/3/81)

298.44 0/9/81)

18809 anxn

44191(11/9/81)

27857 0/5/72)

51737 (2/4/81)

sals ms/m

2960* 04/8/81)

48851 (18/S/81)|

rnMmm

msnsnsw

son msm

*2.44(12/12/74)
8L4B 00/22/74)
4408 (2/1/75)
43L96 (13/12/74)
6506 (16/12/74)
3101 (7/1/75)
5*01 (20/4/65)
3309(17/12/74)

mnismvr

66J1 QOMi)

9757 ftfl/ra

FIXED'

INTEREST

AVERAGE GROSS
REDEMPTION YEUX5

Fri

Feb

5

Thur

Feb

4

0

19BL82

MSfa Im

PRICE

FH

Tlsr

PH

m

»** Smite bri

1257

1203

1157

3417 Qfi/lMl)

zuo (2 mm)
ii0* maxn
not mm

5

*

4

M

m

C cn0tm

15 ye**....

1352

13J8

1358

3355

wgt

U35

1429 aumi)

i4J3 mm i)
1*20 mnami

26.45 WWU
15.90 (28/9/81)
3602 OUWB)

n

4

MnNua

3519

1527

1358

1

18217

+409

20705

107

5

Canmc

15 leM-
IS jew....

2525

14.48

1515

1512

1455

25.41

1308

1302

335*

1332 (2013X1)
3309 (20/3/831

?

■LICynM

U30S

+9J$

P!rl

100

7

HU

3

Over 13 iron

m

+250

12*19

—

253

8

9

Coupons

15 JNfS.^.

1519

1405

1524

3491

3425

1324

3659 WMl)

■ 16.81 (21/9/Cl)

3422 auaj

1354 (28/3/HZ)

1355 (20/3X1)
1155 (20/3/81)

4

lmdeHHUta

11313

114.77

221

|20

S

12.95

125B

1151

5

CJ

hll

128

j3

m

■

3604

3626

35.94

3429

16H

3629

I - . 1459
1402
3442

n.D (Z7/3MD
3711 asm
3711 (29/9/0

Ki!il ,k M

6

nj0

+251

2154

—

KJ

3

1

T

6121

+2L22

6120

—

mu

n

■Cl

TT1|

1623 (29/2081)

M58 (24301)

Eqnity section or group
Otter Industrial Materials—-—
Other ConaoBer.

HeafcWHousHwM Prods.
Otter GfWtps.

Overseas Traders.

Engineering Contractors.

Mectemod Engineering-
Office Equipment

Industrial Group.-

Base due
31/12/80
51/12/80
3002/77
33/32/74
31/12/74
31/12/71
33/3271
16/1/70
32/12/70

Equity section or group
Otter Fbonctat

Food Maiufadnrfng-
Food Retailing.

Base value
287.41
238.14
26L77
63.75
10000
1530*

15304
12820

, 128.20

t Flat jWd. A W of the constituents is available from the PvWWwrs, The Financial Times, Bracken House, Cannon Street, London, EGA price 15p,
NAME CHANGE; Brooke Bond Uetfg tes changed its name to Broote Bond Group (Food Manufacturing)

Insmnce Brokers.
Mining Fima** . —
MOther.

British Government.

Dete. A Loans

Preference.

Base date
33/32/70
29/12/67
29/12/67
29/12*7
29/12/67
1QW62
31/12/75
31/12/77
31/12/77

Base value
128.06
114J3
114J3
9647
10000
100-00
100.00
10000
76.72

bPfet26J*L

cutbacks at the Lucas factory
complex in Burnley, aerospace
issues took on a firmer stance.
Lucas ended a net penny to the
good at 20 Ip. while Smiths In-
dustries rallied 5 to 360p. Dowly,
however, remained nervous in
front of next Thursday's half-
timer and eased 2 more to !26p.
Automotive Products, 55p, and
Airflow Streamlines; 15p. firmed
3 and 2 respectively. Distribu-
tors also finished the second leg
of the long Account in brighter
mood. Henlys, 108p, Harold
Perry, lOlp. and Caffyns, 134p,
atl added around 4.

to record a fall on the week of
14 at Sip.

Still buoyed by the excellent
trading report from its Brazilian
subsidiary. Bats attracted
renewed investment support,
much of which emanated from
the U.S. and the -close was
higher at 431 p.

19

Pengkalen jump

Oils unsettled

Late sentiment in Oils was
gjvsp a fresh jolt by the after-
hours' announcement from BNOC
of a reduction of SI. 50 per barrel
in oil prices. Lasmo were out-
standing jvfth.a fail of 14 to 350p,
while Shell settled a couple of
pence lower at 370p. after 374p.
British Petroleum held up re-
latively well and closed 2 better
at 292p, hut Ultramar reacted 7
to 415p. Berkeley Exploration
fell 5 to 333p in secondary issues,
while Cariess Capet closed a
shade lower at 150p.

Among Overseas Traders,
Tozer Kemsley and Mil i bourn
were briskly traded on revived
takeover hopes and closed 4
dearer at 73p. A useful two-way
business developed in Incheape,
which closed a couple of pence
to the good at 340p. ■

(urrud shrdiu cmfwyp vbgkq b

Among Financials, Mercantile
House edged up 5 to 465p and
Aitken Hume firmed 3 to 195p,
but English Association, a good
market of late, gave up 5 to I90p
after the interim statement. Still
reflecting the reduced interim
dividend and half-yearly loss.
Smith Bros eased a penny more
to 36p. Trusts finished with
irregular movements.

Lofs. the subject of revived
bid speculation, hardened a
penny more to 63p in Shippings.

Textiles were quietly
irregular. Highams continued to
respond to speculative support
an added 2 for a gain on the
week of 11 to 55p. Nottingham

Manufacturing. preliminary

results due later this month,
picked up a couple of pence to
147p, but Textured Jersey, still
unsettled by the chairman's
profits warning, eased a penny

Mining markets ended
generally subdued week on
quietly firm note with the sector
as a whole featured by develop-
ments in Tins.

Rumours of imminent changes
at the London-registered
Pengkalen Tin proved correct
with tile announcement that
Straits Trading’s 26 per cent
stake in the company has been
sold to A man Nominees of
Malaysia for around £2.2m
Pengkalen closed 90 up at a 19S1-
S2 high of 450p.

Other Tins to move ahead
included Hongkong and Killing-
hall, up 25 apiece at 475p and
700p respectively. Gopeng held
at 550p but remained 80 down
on the week reflecting dis-
appointment with terms of the
mining leases renewal deal with
the Perak State Government
announced on Monday.

South African Golds attracted
good buying interest in early
trading but drifted back in the
afternoon to close witfi marginal
gains. The Gold Mines index
yesterday rallied 2.2 to 294.8.

In the heavyweights, Driefon-
teln continued to attract
persistent support and rose .
more to £11^ while, among the
marginal stocks. Witw&tersrund
Nigel gave up 1} for a week'
loss of 19s to a 1981-82 low <
44 p following news that the com-
pany's mining operations have
been curtailed.

South African Financials
gained ground — De Beers rose
to 35p and Middle Wits 30
610p — out London stocks were
quietly steady. Australians were
usually a fraction harder where
changed.

The subdued performance of
the underlying securities was
reflected in Traded options
which attracted 1.510 deals. The
week's daily average amounted
to 2.005. The majority of call
activity was again centred upon
Imperial, which attracted 596
trades. 247 of them in the
February 70‘s.

to

RISES AND FALLS

Yesterday

Rises Falls Sams

On the weelc

Rises Fads Ssnw

British Funds ... .

Corporations. Dorn, and Foreign Bonds

Industrials

Financial and Props

Oils

Plantations ....

Mines

Others

Totals W9

32

_

10

226

148

86

28

_

44

129

24

207

297

144

915

1.471

1003

4,010

81

71

360

612

538

1,411

Z7

24

59

100

182

288

4

5

15

13

19

88

50

22

94

193

200

441

40

55

48

* 212

2B1

24A

609

321

1,545

2056

2.675

6,755

LEADERS AND LAGGARDS

December 31 1981 based on Thursday,

Percentage changes since
February 4 1982.

Chemicals

Tobaccos

Health and H'sehold Products

Other Consumer

Stores -

Shipping and Transport

Building Materials

Other Group

Contracting. Construction

Investment Trust*

Consumer Group

Other Industrial Materials

Office Equipment

Packaging and Paper

Industrial Group

Metals and Metal Forming

Overseas Traders

Textiles

Food Manufacturing

Motors

+ 14.50
+14.21
+13.44
+ 13.07
+ 12.65
+12.46
+11.89
+11.27
+11.08
+ 10.91
+ 9.56
+ 9.23
+ 8.93
+ 8.37
+ 8.30
+ 7.82
+ 7.80
+ 7.69
+ 7.65
+ 7.22

Food Retailing

Brewers and Distillers
Engineering Contractors

leisure

Capital Goods

500-share Index

AJI-sharg Index

Insurance Brokers ' —
Mechanical Engineering
Newspapers. Publishing

insurance (Life)

Mining Finance

Insurance (Composite) .

Electricals

Property

Financial Group

Banks

Merchant Banks

Gold Mines Index

Discount Houses

Oils

7.14
652
6.07
B.D3
5.70
5.40
408
4.76
4.37
3.B5
2.68
2-36
2.26
2.01
1.49
1.47

- 0.83

- 0.98

- 4.78

- 5.77

- 708

RECENT ISSUES

EQUITIES

Issue

price

P

c =1-g c | 1981(2

oB 1 * 3 -;

;EjF|q ® Q ! |

*“■ J |>! High! Low i

Stook

430 IF.P.
100 'F.P.
t ;f.p.
80 F.P.

- IF.P.
58i2lF.Pi

160 iF.P,
li II -'F.P.

U5S5.B0.F.P.
»1Q IF.P.

F.P.
115 |F.P.

- ]F.P.
46 F.P.

>12(8 I 30
.1212 ' 99

- '340

,13(1 84

- • 10

;26(2 63

illgsLiij

|p oio *!"■*■

4/iies

- 55
12(2 !305
10/12i lBlj

• — ia

29(1 1128

— 5

19/2 51

< 291= Asset SprtaJ 10p > 29i*: —

I 96 iBaillie GiffordJVi Tst 98

;315 jgiEldrtdge Pope £1...|340

i 81 :$iEquipu. lOp j 82

7 F&C Enter. Warrants* 7

: 58 laTI edge ling in vs 62 ig

156 *Hayter» £1 '160

52 I •& Malaysian Tin 5 p .. | 52

|260 [Newmarket <1981i5c'260 ]-_5
14 !>i>Owners Abroad 10pi 181=1+ ig

4i2!Peak Hldgs llW-la

117 ,speyhawk.iOp [12B Uz

3i2iVlnora lp i 4 I

47 * York Mount I 61

9.51 2.9<

4,0110.5

ibd3il| allj 5*4! 120

!!Z| a.ial i.o! sTof I

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10.5| 4> I 9.9| *
- I - ill*

b0.5|

— ... b4.51

3.1 4.0j 90

bd7.0f 2.61 7.8| 50

7.8

30jlZ.6[20

FIXED INTEREST STOCKS

Issue

price

A

oS

IS!

u

Sis

a.

*100 i£26

II F.P.
«19V£10
(100 [F.P.
}100 IF.P.
- 'F.P.

12/3

26/2

IB/3

1981/8

High LOW

Stock

27
97
112
, 13

100*1. --
100 1*1 100
- ;il7 1 105

I 26l« i Barclays 16^1 Ln. Stk^

1 86 [Habitat 9iSb Conv. Uns. Ln. ‘98-2001

102 Haslemere Est 9 pc. Conv Une Ln. SM1/IH

12 'Mld-Kent Water Red. Prf. 1987

99^4 'Nat' wide Bdg. Society I6US (1711/83)..

M i Da. 16(8? i7(2iB3>

vinera 10a Cnv. Loan 19B8„

mat

II

+ or

26*4

96

-T

111

-4

12is

1003*,

10OU +i B

117 |

“RIGHTS” OFFERS

Issue

price

P

li

< a

Latest

Renunc.

1981/2

• a

. ca
s a n

8*

-f-or

•

■

High

Low

2.5AF

Nil

92 pm

1

50pm : C S R ASl

84pm

15

F.P.06/1

17(21 19

16 -<IiCarlton Real Ests.lQp

18

55

Nil

180

5/3

rurTI

60pm

4-2

R0.

Nil

—

—

D-l'J-Tiii

m

Gnquaiand acts

25g m

25

F.P.

36-1

12/2

BO

tat..:.

-1

180

F.P.

29/1

2m

256

212

Kwlk-Save lOp

256

+ 4

44

F.P.

8/1

12/2

54

48

Lennons Grp.lOp n . n

54

+ 1

188

SO

Nil

F.P.

11/8

19/1

2Wd

19/2

38pm

B8

30pm

MEPC... «...

Wearwell 5p„.,„

S|pm

-I

-1

Renunciation date usually Met day for dealing ireo of stamp duty, b Figures
based on proBpectue estimate, d Dividend rate paid or payable on pan of
capital; cover- baead on dividend on Fun capital, g Assumed drvilsnd and yield,
u Forecast dividend; cover based on previous year's earnings. F Dividend and
yield based on prospectus or other official estimates tar 1982. Q Grose.
T figures assumed. 9 Figures or report awaited. 6 Cover allows for conversion
of shares not new ranking for dividend or ranking only for restricted dividends.
$ Plating price, p Pence unless otherwise Indicated. 4 1 sound by tender.
9 Offered to holders ot ordinary shares as a " rights.** ** Issued by way of
capitalisation. §5 Reintroduced, n issued in connection with reorganisation,
merger or take-over. |B introduction. Q Issued to formal preference holders.

Allotment letters (or lully-pad). • Provisional or partly-paid allotment letters,
* With warrants, tt Dealings under special Rule. >£ Unlisted Securities
Market, ft London Listing, i Effective issue pree after scrip, f Formerly
dealt in under Rule 163(2) (e)«

FINANCIAL TIMES STOCK INDICES

Feb. j

Feta.

Feb.. !

Feb.-

5

4

1

3

J -i. •%,

yJjjS 1

1 '!• BD Irago-

Government SeoSn-J
FlxedlntorosL^.

Industrial Ord
GoidMlner^_„ i

Ord. Div. Yield L..J

Earnings, Yid.S(niil)[

Pie Ratio inet)(*)«-if 13-
Tot&i bargeins,.........: 23,1

Equity turnover £mj —

. eerov / 08.50

6402;

SlUk ;JH90 ( 480.J

2aai|:aftS0.'-3»a'-

13,4Di

Equity bargain

K ,s:4siw.6S
lM8j-

22,342! 20,899^20^6^ 82,938
■144.47- 1330S-19O.95-1»1>*;
16. 6191 17 ,107 1 IB 673; ia>Wtti*jkaitB X3F

l»,3wi 81,168!
1 153.67! 175.13-

Basis 100 Govt. Secs. 15/10/26. fixad • Int. . 3SBB. -tnd<rattttl .]B|f£,
1/7/35. Gold Mines "l 2/9/56. SE-Actsvfty-1S74. J-'.- - '

10 mi 5750. 11 em 5750. Noon ’575'0.:Vjpm-WXAr. . -.i.- '
' 2 pm 5770,0 pm 577.9,

■ Latest Index 01-246 8026,

• *Nil-120i -

HIGHS AND LOWS &t ACTIVi«

1981/2

[sine* Compiler n

High

Govt Secs...

! 70.61

Low

(2H/8/8T)

60.17

High. | Low

127.4

Fixed Int. — ; 72.01

|(S6f 10/81); (8/1/86)

Ind. Ord

(50/4/81)

Gold Mines..! 489.0

114/8/a re

Feb.

•*»'

I.-- r • '2

109# r 1B5&?

fettEdged

^usaass

5055 Bargains..:!" 107.71, i'lOj'J
(SnfTS ) ) Value- SlOX 3540

446,0 i' 5B7J5 | 49,4 7

.(I4futi).w«/Bi) (tem fSgSSl w Wat*
262.6 ■ 5680 ! 430 lEquitiee.:.....! . -.V- , ^ : ,

-r(M/1fl/711i - 0arr,-ain<^.i .'1105" 1130^
l I . -1 Value. 'J 895.0 ^*190’]

61.61 I 160.4
(20/s/si)i(S8nii/8 i)j cumm'

897.3

’ {V "

• 0^

LI*

■ryj«

! 1- i

V! ,

rfi \

f

/ ' , t' *

*:

.. 4 ' ; '

■ j ,f - .

l'«

- j

: e .>

; V

if..

■■fy

j*

'■'/if :*•

/rsr-

NEW HIGHS AND

LOWS FOR 196^2 1 ^

The fol lowing qnatatkmi In the- Share
Information Service yesterday attained new
Highs end Low* for 1961-SZ.

piXNW

WotertenteBB-

K

NEW HIGHS (80)

BRITISH FUNDS IS)

Treauirv 3kiM 13B3 Trees. 3oc 1947
CxcJi. 1 0pc 19»3 Exch. ISoc 1997
Funding 5 <:pc 1982

CORPORATION- LOANS (2)
Glaspow 9i*pc -80-82 LCC 5 liM -82-84
COMMONWEALTH LOANS (1}

Aost. 5tPC *81-82

AMERICANS O)
Colsete-PaLnoiiva

-SEERS (2)

Allied-Lyonc Burtonwood

BUILDINGS (51

Aberdeen Const. . Lovell (-Y. J A . -
Costain RMC

Do. Defdb.

CHEMICALS 13) ■

Br.tKJi Ter Ransom rWmJ

Laporte inds..

'STORES (3)

Brown CN.) Martin The

Burton NcwsMont

ELECTRICALS (61

Air Cell Noi-mud BToc.

CAS H Philips Lamps

Lee Refrlsentlon Sound Diffusion
ENGINEERING 181
Concentric Locker (T.J A

Hell (Matthew] . Turriff

Lake & Elliot Woadhousc A RiNBoe

Lloyd rF. HJ Yarrow

FOODS cm

Fitch Lovell Kwlk Seva - -

INDUSTRIALS (17)
BlnndeU-Permoslaza Holden CAJ

Sealricor " . :

Do. A l*V f ■

Secufttv Cootee .

j ■ INSURANCE (»

Eapfo 1 arer ■ • • Howdeo (At

UHUHI U] -
MTV MY ’ ' .... loteam-.

■aim Bratton . _ _ LoUBWA- . . l

MOMRTY--.cn .- ---t-S : • -.-W- ■■ -r -

Town &

ec. hj

Bertctioy Kambra

. ■ nimm co
Brit IrComm. • • '

SOUTH iUWCAMS O*--
Urtwe .

Atirtra ittwteri-. “

H 19 harm
BAirjnd*.

-

r

- *%r~ :

. TRUStS ■••■•-'viWLvi. • ii. --

•• A1 Hence Trutt CHedonta Ntefep J .‘- r ■

AUaa Elect ••• EN.e N.y.lRU'- . .

- ■ CLUUP. -• tAS( tGeMtid^W' ! w- . .

MHOS ®:-~“TD3re?! j ■ . .. * *

teWBi . : : . .. • *.

^ - V ‘

fiMmlfcRv Partt-
Hollloeer-

nbw xtom tw- . : -

AMERICANS CD • ' i'j. 1 ft

rtt- * trofc Trehr-*- =• «-■ : --

•W

Burco Doan
Crest Nicholson
Extol
Halma

Hanson Tst 9% pc
Cnv. Z001-06

Macpherson ..
Marshall (T.)

CroxJey) A
Moss (Robert) . .
Sandhurst Marketing .

.1

.-nff*-- ' *.

INXtUSTRtAUL C4) .

BteeWr Hopper . Watsi fo rd. ..

Hay (NorpuuO' jWMdne & VWtebtt

.. .....

Zorn-M- ' "-•

WtfcNtoeJ ■' •- , _ • 7-r. -

r- T- •? '-V .O— -•

1 a?

&

X

ACTIVE STOCKS

Above average activity was rioted in tha toiiowuv^- etock» yeseardeyr I-

. _ J. it;.

Stock

Bowater

Davis end Newman ...

Fitch Lovell

Horizon Travel

ICI -

Incheape ...»

Closing'
price
pence
237
90
84 r
332
342 "=
340

Day's,
change
+ 9 -
+ 2 •
.+■4
+12
+ 4-
+ 2

•’ Cloaing.

■ price
Stock . - . . . . panes -

Lies met ; . 350

Midland 8ank 337 ,

Pangkeleb - ... . ' 450

Smith- St Aubyn 48 ,

.Toior'jKemaley. '! -73-

Wo ol worth . . - BS*,’

Day's
chengia
-14 _
1 •.
+90 .
+ • -
^4 -

'•re'.

eV-r-.’

. raa.

THURSDAY’S ACTIVE STOCKS

i.i_ “• ■?'

Stock'

Brit. Aeroipeca

GEC

Lucas industs.
BAT Induatriea .
Hawker Siddly.

Fieona

Shell Tranapt.

Thursday's
No. of dosing
price - price Day's
changes pence

Baaed on hargelne record »d In" SE .Official L(K. .

*■ .--V .-j.-.-e- -- ; .

/■,- Tbureday**

• No. of' .closing.

• • ipriwr price ■ • Day's .

"Stock changes pence-, chang t-

Baecham. 12 ' '249 -4

De Beers -Oett. Ml' 360 . + 0 -

Oowty 12 -. 12 B' • -5'-

Allen XZ 538 +10

mat - . .. - 12 422 -13

Barclay* ; .Bank T4 ' 4 470. -•+ 2-
BP W- -290 - *- «

i -r

IS

T&'

15

14

T4

13

13

195

842

220

412

340,

245

372

chanue
- 9
. 3

* ■
+ 9
-TO •

8 • U
StSBC^l •t’-t-..

h i‘. j-

% , — m

■~" T , : *

'j

Ut:

■t.

- 8’

ike? t--ss *,a
a;

5-DAY ACTIVE STOC3KS;

Based on bargains over the five-day period ending Thursday

Stock

Thursday's

No. of closing Change
price price on
changes penes week

GEC

132

842

Fisons

117

245 .

+60

ICI

SS

338

— 4

SAT Industries

87

■412

+22

Saacham

84

249

+ 3

SP

80

290

-14

TTZ

78.

468

t+14

Thursday's

No -of closing' Change
once -price on •-
Stock. changes pence week'.'
Shell Transport 78 372'. ▼ f

Barclays Bank . . 73 .-v ;470. • -M2-'
Inchcep* 73“ . 338 +15

BH Property ... 72 5BO • + 5 .

Nimslo liueroti. . 69. 175- v'+36

GUS "A" . 68 • ' 4S0 ’ • -10

Haaaoy 67- 372 7

i ,

OPTIONS

First Last Last For-

Deal- Deal- Declara- Settle-

logs tags tion ment

Feb 1 Feb 12 May 13 May 24
Feb 22 Mar 5 June 3 June 14
Mar 8 Mar 19 June 17 June 28

For rate indications see end of
Share Information' Seroiee—.

Stocks favoured for the caR

metaded Ladbrftke, Barter HoA.
Dobson, Raglan Properties, Cofs,
Smith St Anbyn, Associated
Fisheries, John Brown, .TarrUT
Construction. Rttropcen Ferries,
ICL, Sbmelco, Staglov Bowater, .
Woodside - -and Rotiunans Inter-
national. Pats iyero tafeen oirt
in GKN and Ultramar,- wltife .a
double was ^arranged ta‘Lo&.

LONDON TRADED OPTIONS

Feb. 6 Total Contracts l^JlO. Cells 9 85. -Puts 585.

Option

BP ta)

BP (p)
BP (p)

Bp, &

CU ...

gu fc)

Cons. Cld (cm
C ons. Gld (cj
Ctids. (c)
Ctldg. (ol
GEC fol
GEC (p)

GEC (pi
Gr*d Met. (ol)
Grid Met. fch

Grid Met. (ofl

Grid Met (CN

Grid Met (p3
ICI (0)

ICI (c)

ICI io)

101 (p)

ICI (p)

Land See. (cl

Mks A Sp. (c)

SfteH (c)

Shell (c)

Shell (p)

price

300

280.

330

360

130

140

460

600

50

70

850

800

■850

Barclays (c)i
Barclays fcl

Barclays (p)

imperial (cl
Imperial (c)

imperial (c)

imperial (pl

Imperial (p)
Laima (o)
Utsmo (a)
Lasmo (a)
Lasmo (c)

Lsnrho (c)
Lonrho (c)
P&OCcl .

P 5:0(0-
P&O (ol
PAO («

P A 0 -(c)
Racal fp|
Racal (pl

gwa| IP)
R7Z(q)

RT2 (c) ,

Vaal Rfa. (el|

160
180
200
220
800
500
530
360
330
360
330
160
360
390 ,

390 j

February

A

wfl

Ju

»

. 0<

osing
ff er.

Vof,

Closing

offer.

.; VOl.

Closing

offer

12

5

a»

-30

Iff

- 1.

* TO

" 1-

•-20':

48

25'.

-. -54. ■

* _

78

■ 2

- 84

•l. w '

12

.

17

V'

: wi

7

- Iff

i-'

12*.

42

. 1

ms

. “_r '

65

20

1 •

■ . .55 7

42.

35

25

■ : 58- .

a \t-

15

0 ■

ia.

.'eire.

■■Wi

28

. 14*

. B7

«. ' ' _

. 70

17

16

29

■ -.32 :

34

5»

";'4p

' *-• — r '

52

44.

• 1.

■■4ft.'

■■ m 2 -1

..

25

AS'

.32-/

• — m- m

.37-'

10

; '6

;)ff_

. "

- :_22.’.

4 •

.14

1 .HX".

.

.10

• 3

46

10 .

'ffff.

25

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-'84.

. '44/

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65

1ft ■

7 ;-2S..

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111

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40

' 36

■■ -i‘".

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cautty

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4*4^-

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i ..•*».•

!«np!*

y*-

■~F*3p.

ji4Sp

l-liS74p;

420

460

460

60

TO

80

70

80

360

390

420

460

80
90
BO
120
130
140
160
360
590
430
460
500
60
C=Calt .

65

14

i"

3.
17
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10 .

6
3 .
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.16
38
17.
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5

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247

■3-

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May

60

Trl

15
21
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.84

19

14

'■..■■tt:

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38%

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•-S8

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la

iar

*•

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W\

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as

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' ■V 4 .,j;r.y

*

Mease return la Subscriptions Dept The Financial
Times Business Information Ltd, Minster House,
Arthur Street, London EC4R 9 AX.

Telephone: 01-633 J21U

Please enid me for an annual subsotptlon to tha

Monthly Index to the Financial Times ai ihe
subscription rare of £240 (UK) £299 (outside UKl
Subscription includes Annual Cumulative Index.

my subscription rosnrtlroni the month of " — —

— - - Counhy . _

sr cheque value! ..madepayable Nacart0 ^ nirtnMS

!e to Business Information. Signed Pate

rila&shndNe.VSMI. ■ — ’ — ■' rfr.»- u — frp.

■24

bankleumtluk)pfc

«H£5Si

FINANCIAL TIMES

Saturday February 6 1982

JUKtKf*jMa-33m

MAN H Iffi NEWS

Changing
the pilot
atMSC

BY JOHN ELLIOTT

A BIGHT-WING property de-
veloper who has spent the last
two years urging Ministers to
sell off large chunks of the
public sector to private enter-
prise would not seem the most
obvious choice as the chairman
of a tripartite commas si on deal-
ing with the growing problems
of unemployment

Yet that is the background
of Mr David Young, the 49-
year-old whose appointment as
chairman of the Manpower Ser-
vices Commission in place of
Sir Richard O’Brien has caused
a political row. Mr Young
(whose bobbies are sailing, fly
fishing and playing with a home
computer) has, in the eyes of
union leaders at least, several
wrong qualifications. He is rich.
Conservative, a confidant of Sir
Keith Joseph, and (until a few
days ago) a director of Sir
Keith’s Centre for Policy
Studies.

Yet Mr Young insists that he
believes in the MS<7s tripartite
approach of harnessing trade
union -co-operation to solve the
problems of unemployment,
skill shortages, and apprentice-
ships.

And his genuine concent is
demonstrated by the major role
he plays in Organisation for

Mr David Young.

Rehabilitation Through Train-
ing (ORT). This is a Jewish-
funded international body
founded in Russia 100 years ago
which provides vocational train-
ing for tiie needy — it has just
started operating with the MSC
in Britain to provide electronics
training workshops, in areas of
high unemployment

Mr Young first met Sir Keith
at an ORT lunch in 1976 shortly
after writing to him to express
support for the sort of policies
Sir Keith was then developing
on “ personal liberty." This led
to an unpaid post as industrial
adviser to Sir Keith after the
197» general electron.

At the Department of Indus-
try’s Victoria Street head-
quarters, Mr Young has
occupied an 11th floor office
alongside Sir Peter Carey, the
p erman ent secretary. He has
kept a low public profile that
has belied his influence. He
designed the 1980 tax allow-
ances for development of small
firms’ premises and advised on
partially privatising the State-
owned English Industrial
Estates Corporation (of which
he became a director), he has
also worked on high techno-
logy policies and helped to
attract the Japanese-owned
Sanyo company to Lowestoft In
addition he has been involved
in the sale of shares in Cable
and Wireless and British Aero-
space and in the various changes
at British Telecom, while keep-
ing Ministers and civil servants’
attention focused on the whole
privatisation issues.

. “I’ve been the commercial
man In Government. An entre-
preneur by nature. I've been a
contact for Ministers with the
City and a contact between
Ministers and nationalised in-
dustries,” he says.

He has built up a favourable
reputation among civil servants
as one of the most valuable and
co-operative outsiders ever
brought into Whitehall by a
Minister. He returns the com-
pliment when asked for his view
of Whitehall: "These civil ser-
vants are really hardworking
articulate people," he says.

After qualifying as a solicitor,
Mr Young worked for a time as
assistant to Sir Isaac Wolfson,
then chairman of Great Univer-
sal Stores. But he wanted to
become an entrepreneur, so left
in 1961 to make his money build-
ing provincial factories.

From that background, he
will bring a businessman’s
approach to the MSC, perhaps
being tougher on the
bureaucracy than Sir Richard.
But like Sir Richard (who is a
leading lay member of the
Church of England) he has a
deeper concern for the problems
of the unemployed and envies
policies adapted in countries
like Germany and Japan. He
now has the chance to use the
MSCs £lbn annual budget and
its 25,000 staff to modernise
Britain’s manpower policies.

Schmidt wins confidence vote

BY JONATHAN CARR IN BONN

CHANCELLOR Helmut Schmidt sidered certain to win the Chancellor made it clear that Herr Schmidt’s personal posi-

cf West Germany yesterday won simple majority of 249 votes he he was linking the vote to his tion as government leader, out

a unanimous vote of confidence needed. But it was 1 felt possible whole policy course abroad as also both coalition parties as

from the parliamentarians of that some -left-wing members of well as at home.

_ _ . . orm

his left-liberal coalition, after the SPD, dissatisfied with Herr
months of internal wrangling Schmidt’s security and economic
which threatened to undermine policies, might abstain,
his authority. In the event Herr Schmidt

In a Bundestag (lower par- gained the best result he could
Iiamenlaiy house) vote here, have hoped for. One deputy.

He said . he thought it
necessary for those in the East
and the West to see. ttiat coali-
tion support for the Govern-
ment’s foreign and security
policy was as strong ■ as ever.

they go into four key -provincial
elections this year.

The result does not mean
there will be no further
criticism of the Chancellor’s
policies. There is certain, for
example, to be a tough debate

lUUUClilaJ. J I1UUBW V VbW UVSVt * * • r if — — — ' — — ■■ _■ -- _ T . j

all 269 members of the Social recently badly injured, came in Those voters who put the SPD- on Nato’s nuclear strategy— ana

Democrat (SPD) and Free a wheelchair. Another had
Democrat (FDP) Government chicken pox, but insisted he was
parties expressed their confi- no longer contagious.

dence in the Chancellor.

All 226 members of the
Christian Democrat (CDU) and
Christian Social Union (CSU)
opposition parties voted against
Two non-party deputies refused
to vote at all, describing the
affair as a “ meaningless show.' 1

The Chancellor was con-

Herr Schmidt himself re-
quested on Wednesday that a
confidence vote be held after
exceptionally difficult— at times
bad-tempered — negotiations
between the SPD and FDP on a
new employment programme.

However, in a short speech
to the Bundestag yesterday the

FDP back into office in October Herr Schmidt's support for this
1980 had a right to be assured —at the SPD congress u»
that the mandate would be Munich in April,
respected in full. The opposition parties

With these comments, Herr publicly discounted thevoteof
Schmidt implicitly conceded confidence in advance. The CSU

that the bickering in the coali
tion -over the past mouth had
thrown the future of the
Government itself into doubt.

The result of the vote is
likely to strengthen not only

leader, Herr Franz . Josef
Strauss, said Herr Schmidt was
bound to win because the vote
was public “ and the SPD and
FDP want to keep their places
at the state trough.”

McDonnell
Douglas and
Fokker drop
joint project

By Charles Batchelor m
Amsterdam and Paul Betts in
New York

FOKKER. the Dtuch aircraft
group, and McDonneH Douglas
of the U.S. said last night that
they had puHed out of a joint
project to develop and build a
150-seat airliner.

Fokker said the. rapid decline
of the commercial aircraft
market in recent months con-
vinced the two companies that
they should withdraw before
too much money was spent on
the aircraft, code-named MDF-
100 .

McDonnell Douglas will oon-
t’TiTTo Assign work on a 150-seat
aWiner and will fIso discuss
ir?n*ure possibilities with
partners.

National pay deals
for seamen to end

BY JOHN LLOYD, LABOUR EDITOR

THE BRITISH shipping industry
is to /Gove away from
centralised pay bargaining over
the next few years, towards
settlements by company and by
sector.

The move could make national
industrial action — such as the
strikes and overtime bans
mounted by the National Union
of Seamen a year ago— much
less likely.

Both sides in the industry
appear to welcome the move.
The NUS is already near to con-
cluding a separate agreement
with Esso, which operates 22
ships employing 500 ratings in
the UK Earlier this week the
union’s executive gave agree-
ment in principle to the move
tov*rds separate deals.

The Esso agreement will also

executive against the decision.

Among other shipping lines
which already have separate
deals with the union are P & O
and Cunard — though they have
no clauses on exemption, from
Industrial action.

An attempt was made during
the last wage negotiations in
November for one group in the
industry — the small coastal
lines — to come to a separate
agreement with the unions be-
cause of particularly severe
pressure. The move came too
late and the coastal lines were
included in the final settlement
of 8 per cent for officers and
ratings.

Officials of the General Coun-
cil of British Shipping, the em-
plnv>rs’ body which conducts
notional level bargaining, be-
Ti»vp Tia'yonal negotiations will

, f , h« dpc^'on not to go ahead !

partially exempt the company cno^nue for four or five years

toV*»n late on Thursday at

■*i>Ty>nnpn Ttouelas head-
! n St Louis.

T’-i’-’-ot- n rjfl of th«* ffindi-

**«»•« r »>n- WTW.inO

— -? ‘'in nrtrteooe nF snffic*“n*

v-ii-Vbi- foe put Fi ROm
'em nF it* fwrp w»fipon ! p+n

n-nu>ct 30*1 fhn rtriMri
''-rwnment ha<* ormndpfl

‘ , "’ T " , '’nment support worth

'rtiP two aircraft make”*
pcr-pori a memorandum of
npdcrwhmdipi* i n 1Q«*0 and
Rflfl pnmnopT^ w^re working on
th° Tjrnmct at its peak.

]lT«'n'VnnoH TtfPiel-iS, wHIrfi

week reported earmnes of
PiTR.Rm ffflSm) on of

gv.ajihn last vwr, recently s*id
if (FA not expect anv majo»-
imp-nvoTnerit in the state of
the airline business In the short
term.

According to Fokker the
decision to pull out would have
no impact on its present work-
force rti 10.000. But the 2.500
j rfrs. Which the MDF-100 wo'ilrt
nave created will not
materialise.

.Michael Donne writes: Th?
McDonnell Pamelas / Fokker
decision is a severe blow to
thos ewho had hoped to see a
!5n-s eater emerging swiftly.

It now seems that only ths
European Airbus Industrie con-
sortium remains enthusiastic,
with iits A-S20 programme. Even
this is stall regarded sceptically
by the British and West
German governments,

Israeli fighter deal. Page 2

from tiie effects of national

strike action, on the understand-
ing that the rates paid are

considerably above the mini-
mum set by the National Mari-
time Board,

\ clause i- + h? su??i a es

that Esso will no: -wa'il” he

involved in s*-jk*

action. Hov'pve” if the r-io"
decided it should he. it would
be riven seven dort? notice a"rt
could appeal to the NUS

then give way to company or
bargaining.

Thev bedieve that some
■n^nos. such as the container
i’-’oc, may wish to band to-
«»‘V* tn>” offo’- common rates.
r»t*ia„ m-nnopies may wish

• „ q-o-»n7*3t®.

* T n*ir«V*I

^0 OQ0 nffic-iT-s- jjnrt

n«o 'r*’t s P' p,, ’ 10 pun

—• **»»**« r>rpri>«v«*rt nn UK ships
--** -■■'f TTK p»ti»vT>R

Sealink will
continue
Dieppe ferry

By hro Dawiiay, Labour 5taff

SEALINK U.K. said last night
that it was prepared to revoke
its decision, to poll out of the
Newhaven - Dieppe cross -'
Channel ferry service. This
follows concessions from its
French partner, SNCF, on the
management of the route.

After seven, hoars of talks
with the French railway com-
pany in Paris yesterday Mr
Len Menyweather, managing

Poland

Continued from Page 1

threatened at a

Urrori were
later date.

The Government had decided
net to make available any
credits for Poland. Mr Atkins
sr:d. ' r he effect of the move

te el* ruinate insurance cover
by the Expprt Credits Guaran-
tee Depart ipent from British
exporters sailing in Poland.

At the same time, the Govern-
ment hs« Fror.cn existing offi-
cially guaranteed credits. This
means that £12m of credits left
over /min £3nm the Govern-
ment agreed to support last
year ivill no longer he ava'lahle
for the Polish purchase of UK
foodstuffs and industrial raw
materials.

The Government has qualified
this measure, however, to the
extent that British companies
with contractual obligations will
be safeguarded.

The decision to hold up offi-
cial debt rescheduling talks

will cost ECGD about £100m J
this year to meet guarantees to
banks. Last year, in the wake
of the re-scheduling agreement
of the 1981 Polish debt, it had
to make payments of £60ra.

Other measures announced
yesterday include the restriction
of Polish officials to within 25
miles of their consuletes hr j
London and Glasgow, an j
increase in BBC Priirh lanmrace j
broadcasts from 2V hour? It :
26$ heurs a week. 2nd an end (
to further cheap EEC sol ?z of j
Food to the Polish Government. <
Funds wPH be channelled
instead to voluntary agencies in |
the UK which provide humani-
tarian aid to Poland.

' Similar travel restrictions
have been placed from today on
Soviet diplomats, with a reduc-
tion in both Anglo-Soviet tech-
nical cooperation and the
licensing of Soviet factory ships
which buy fish caught in British
waters.

director of Sealink, called a
meeting with seamen’s unions
on Monday to discuss working
practices on the route.

The move is likely to be
regarded as a vindication, for
the 246 oncers and rating
who have occupied the -5,590-
ton Senlac at Newhaven since
the company announced its
plans to withdraw from the
service five weeks ago.

The crews were issued
with redundancy notices after
Sealink failed in three months
of talks to persuade the
French to introduce a newer
and larger vessel. Last year
the service lost £3m.

SNCF, which holds a two-
thirds share in the business,
had refused to alter the fin-
ancing agreement under
which Sealink was obliged to
support the heavier losses of
the two French ships.

I* Is hri*' , Y°d that SNCF has
now agreed to replace one of
the smaller ferries with the
modern 4^86-ton Chartres, at
present on the short-haul
Straits of Dover routes.

Neither company would
elaborate on details of the
deal last night, though Sea-
link said the position looked
“much more optimistic.”

Mr Sam Me Cl aside, assis-
tant general secretary of the
National Union of Seamen,
described the moves as a
** great victory.”

IT-. pcs 5r>r rcii inquiry. Page 3

Laker fate Continued from Page

“Lakers are mindful of the
views of others, and recognise
that they must act in a totally
responsible way. Accordingly,
it is with the utmost regret that
Laker has requested Clydesdale
Bank to appoint a receiver and
manager.

“Sir Freddie would lake to
thank the enormous support
he has received from the public

meeting are understood to be
deepvy upset by the collapse of
Laker Airways and by the
Government's decision not to
help. They feel that Laker Air-

Act

Under that Section, the De-
partment can appoint inspectors
to look into the affairs of any
company, and make a full

report, when it considers such ways epitomises much of what
a course is justified. is. positive in the Government's

Mr Sproat rejected Opposi- economic podicies, and that
tion criticisms of Sir Freddie more might have been done to
Laker. “Sir Freddie is a very back. him.

_ . _ great man _ who has done a statement from the Clydes-

over the years, and hopes that wonderful things for passengers dale Bank last year referre d any
with the demise of his airline around the world, providing questions to the joint receivers,
the benefits gained for the them with cheap air travel," he and said : “We cannot add ary-
ordinary traveller wiU not be said. tiling to this iniormation at the

lost" The Laker collapse had not present time, except to say that,

Clydesdale Bank appointed deterred the Government from after being bamcers to Sir

Mr William Mackey and Mr its long tern plan to privatise Freddie Laker and his various
Nigel Hamilton, both partners Bn bsh Airways. ^ companies for more than 30

of Ernst and Whinney, to be Mr Sproat said that Laker years, we are very sad indeed

joint receivers and managers. Airways had made no approach ^ it has become necessary to

The formal statement from to the Government for support ^ Btep »»
the Clydesdale Bank said that in its problems until Thursday.

“Then at lunchtime Sir Freddie
telephoned me to tell me what
the situation was.

“I considered the possibili-
ties under Section Eight of the
Industry Act, and .'said . with
great reluctance that it was not
appropriate” Section Eight
deals with Government aid for

bailing out companies in fin an- in Britain. One of the DC-lOs
eial difficulties. at Gatwick was impounded by

The Prime 'Minister and the British Airports Authority
several Cabinet colleagues are as security against sums owing
understood to have met on to the BAA— landing fees, park-
Thursday following Sir ing charges an drents.
himself, the other 10 per cent Freddie’s phone call. 41 If the receiver decided that

of the. shares being held hy^is “ 'Ministers present arebelievefl ‘he wanted the aircraft to fly,

to have included Sir Geoffrey we would be prepared to talk
Howe, the Chancellor, Mrs about it,” the authority said.
Sally Oppenheim, Mr Sproat and The aircraft was towed away to

. ... Mr Humphrey Atkins. Mrs a remote part of the apron on

Sproat, Under Secretary for Thatcher is believed to have the orders of Mr Pat Bailey,
Trade, said that the Govern- been approached by a number Gatwick Airport’s director,
ment was prepared to look into of Tory MPs throughout the . In .addition to the three
the question of whether a evening. -all pressing for Gov- Airbuses and li DC-10s. the
Department <tf Trade investiga- eminent support for Laker airline had an outstanding
tion into the collapse of Laker Airways. order for -another seven A-300

Airways was justified under Several Cabinet Ministers Airbuses. This is now expected
Section 165 erf the Companies who were not present at the to be cancelled.

UK TODAY

MOST central and eastern
areas will be dry with s unny
periods. . .

London. SJ3., E-, Central N.
England, Midlands, Channel
Islands

Mainly dry. Sunny periods.
Very mild. Max UC (52F).
S.W., N.W., N.E., England,
Wales, Borders, Edinburgh,
Dundee, Aberdeen
Bright at first, becoming
cloudy with rain. Max IOC
(50F).

Rest of Scotland, Orkney, Shet-
land, N. Ireland
Cloudy. Rain. Wind strong
to gale force. Max 9C (48F).
Outlook: Showers, chiefly in
north and west Bright inter-
vals.

WORLDWIDE

the appo in tment of receivers
“follows over six months of
negotiations with Laker Air-
ways. its bankers and aircraft
manufacturers to resolve con-
tinuing and mounting cash flow
difficulties.

“ Despite the extensive efforts
by the many interests involved
it was not found possible to
reach a satisfactory solution to
the serious financial problems
that confinyoted Laker Airways.”.

Laker Airways is 90 per cent
owned by Sir Freddie Laker

The Laker collapse was
accompanied by tearful scenes
at Gatwick and Manchester as
staff, shocked by the news,
tried to comfort each other and
would-be passengers.

By late yesterday the entire
Laker fleet of three A-300 Air-
buses and 11 DC-1 Os was back

first wife, Joan. The company
registered in the Channel
Talanrls.

In the Commons, Mr Iain

Aieccio

Algiers

Amadm.

Athens

Bahrain

Barclne.

Beirut

Belfast

Belgrd,

Berlin

Biarritz

Bmghm.

Blackpl.

Bordx.

Boutgn.

Bristol

Brussels

Budpet.

Cairo

Cardiff

Y*«Jay
midday
«C -F

5 41
16 61
11 52
14 57
17 S3
13 55
9 48

Cas'b’ea F
Cape T. F

Chicg-t
Cologne S

Tday
midday
•C *F

S 13 65 LAng.t

S 16 61 Luxmbg. S

C 7 45 Luxor W

7 45 Madrid S

19 65 Majorca F

13 55 Malaga S

9' 48 Malle C

ir 52 M'ehatr R

0 32 Meibne,

1 34 Mx. C.t

17 63 Mlemlt

10 50 Milan

9 48 Mntrit Sn -19 -2

13 55 Moscow C -4 25

10 50 Munich S 3 37

11 52 Nairobi F 29 84

9 48 Naples S 8 46

1 34 Nassau — —

15 69 Nwcetl. R 9 48

11 52 N Yorfct C -3 57

19 68 Nice S 13 55

24 75 Nicosia C 11 52

— — Oporto F 19 66

6 43 Oslo Sn -7 13

F 24 75
Fg -1 30

Cpnhgn. C — 1 30 Paris

Corfu S
Denvert
Dublin F
Dbmvk. S
Ednbgh. C
Faro S
Florence S
Fnnkft.
Funchal

11 52 Perth
— — Preaue

12 54 Rykjule.
10 50 Rhodes

10 50 Rio J'ot
16 61 Rome

11 52 Satabnj.
5—1 30 S'ciscot
S 18 64 8. Mrltz

C 10 50
S 28 82
C -4 25
R 3 37
S 8 46

11

3

4

Geneve C 3 37 Singepr. — —

Gibrttr. F 16 81 S'rleqot — —

Gl'sq’w C .10 SO Stckhra. T -7 19

G'meey C 9 48 Strasbg. S 3 37

Hlsinki Sn -5 23 Sydney — —
H. Kang C 17 63 . Tangier F 18 64

- ‘ 1 34 Tel Aviv F 12 54

g 48 Tenerif* s 22 72

9 48 Tokyo F 7 45

0 32 TYnwt C -16 3

10 SO Tunis S Ifi 64

28 82 Valencia C 14 57

23 73 Venice S 4 39

13 55 Vienna S 0 32

5 41 Warsaw S 1 34

11 52 Zurich S 3 37

C— Cloudy- F— Fair. Fg— -Fog. R— flain.

S— Sunny. Sn— Snow. 1
t Noon GMT tamperatura.

Innabrtt. S
fnvmas. C
l.o. Man C
Istanbul F
Jersey C
Jo’bUtR F
L- Pirns. S
Lisbon S
Locarno F
London C

/-■

IHE LEX COLUMN

The collapse of Laker Mr-

Yesterday the . chairman wgg

“ »«***-* o* “>? Index rose 33 to 578.1

dangers of high financial gear-
ing and currency exposure. It
also highlights the shortcom-
ings of syndicated bank loans.
What started off as a balance
sheet problem has been turned
into a fatal cash drain by a
growing awareness among the
travelling public that Laker
was becoming a bad credit risk.

In financial terms, - the
losers are the aircraft manufac-
turers. Laker's total debts
amount to some £23 Om, and
liabilities exceed, assets by some
£20m. But that is on the basis
of taking the £230m or so of
aircraft assets at cost. In a
forced sale, the deficiency
would be greater.

Their guarantees are likely
to cost .McDonnell Douglas
£25m. General Electric of the
U.S. .about £5m and Airbus
Industrie around £18m. Midland
Bank .which has a floating
charge on - Laker’s assets, could
lose something like £10m.

But Midland's losses are not
just financial. It now seems
clear that a prime reaton for
the crash was the purchase of

3-month Interest Rates

rebuilt in month of ,
and that the coowaify was ura
position to Chink of paring its

17*

Eoredollar

Aii

■vs?ia&#K

preference /share <h^dend& ^||» ^

seal

.-. February iras fregun in n-iea$

: promising ifiashion for the mas-
-Jests as -a whole. .Oy^ ttuslafl ■
week: gilt-edged and" equi^-'

: have moved. ‘ 's^dewifys, ;
sterling closed yesterday
"0.1 point om Sts, trade-
index: of toie previous _
-leveLTBut 4Ms i stq>exfidaify-
performance" “actaatJy '
seats considerable resili

. HSgfaei^TIA/inierest rates
lower oiL prices. can. both'
trotfMe forthe pound .and
week brought- both. Etzrodo]
rates have moved up- by
than a point, and the rewariili'

- . softness in the world off map ’ .
forward cover on its currency kets -was bronaht home yestep- :
risk. 'day hnpa $1:50 per barrel bat - .

Admittedly the . loan was in the BNOC official price. -. :*:-
“ secured,” to the extent that. Yet therebcas been
Airbus Industrie had under- . on steriiiig, and no
taken to pay the first 25 per intervention -by the-. Ran k
- — Joss. But that

-* 055 ' - ^ 1 England to. marntain the : rate< . >_ '

cnshwn.aookea increasingly less strength of tiie i&Sk *- : “ ‘ '

comfl> ^ t ^ Ie pailffy reflects the jdwr

three A3 00 aircraft from Air- 011 and the- industry’s problems fuu^ in th® London

“ ' — multiplied. Moreover, at may

t — — — — account’- - payments

a year ago. This overstretched otherwise might have *een the outward pOTtfciio iim=

an already extended balance. THe reachediii^ .ag^- ™ fiSws %rSng£r

sheet And as the pound fell last autumn br^ejown . ievri tow-Lg

against the dollar, Lakeris because three menffiers the J C

equity base disappearecL Ad- ^S2=^ud^^thS “ -

would get all their money .bade ^ ' ■

if the planes we sbld qiih*ly. 1 ^ -

A lending syndicate^ ^ is only . -
as strong as its weakest member . ' 1x35 ® ear * ’

and: in times of troitble it is a. critical factor ^

verse currency movements have
boosted the companv’s liabilities
by some £30m. which more than
accounts for today's deficiency.

Although the members of the
lending syndicate are unlikely
to lose much, if anything, the
failure of a big consortium loan
at such an early stage of its
life is extremely embarrassing
for Midland. Even allowing for
hindsight it is difficult to con-
ceive how bankers were pre-
*-r*d to offer a facility which
' 3 ‘v’rr''— er vus so ill-equipped
to effort.

The international airEne in-,
dustry was on the skids when
the loan was made, and Laker
already looked insecure. Cur-
.•ency gains accounted for all its

always difficult to get- a tmani- : Two we^a naming tte s f ■_

.. «. ; t , .-v

motzs dedsibn. In this case: the edged: markethas bounced 'badT
conflicts of interest ■ which : from ' weakness - on Monday ( . -
followed from Tying suppliers which -baa In both cases^ been
into the loan . . arrangements the result' of disappointing X5& ■ :
have proved insunnountaWe: ; - money suppfyjfigixres. Ttos time •

Admittedly. MffiandmayweHt^ ,

have felt under special pres^ Atlairflc have been hoping fof ~
snres to^majq the Iwn avaO- a bHf:*fll in UJS.M-1; a fnrtiw
able. Airbus Indly nqeded a iBsatTttbintineiif ttiat eireatwM-’t ="
^stomer. jmd lL wcmld haye to seud TT A rat^ higher again: ' '
been a political blow if Later -test the resi- :' ‘

hart bought American. But .it is * Jience of the London markets. ‘

hard to escape the conclusion — . -

tahat If the bankers had taken a. rn -£5^ •=

more hard-nosed approach. may

yesterday’s sad story . ^ tpoto

* - ^ndapendeoce. from d^y-t^day

fluctuations erf giltiedged. A big
recovery in profltB’ r is wf^ dis-
counted; what is less certate is *
whether ycompoTTres wifl . be
prepared to 'pay much: hdgheir - ■ -

diyidexxfc after . two' years, of
-flnancral . stringency. Also, the
combination : of . improving
•’ . coruoaMte

reported profits in !979-80, and ^ ^

by ^® ve be« averted.

a factor of about 5 to 1 before - .

the loan was made. Sterling Mnrltefc -. r. --' l '

was overvalued by almost any .

standard, and since about two- Just how good a'-, month.

‘Mrts of Laker's revenue came January was for fhe London
in the form of sterling, the air- financed markets is •' shown,
line was cruelly exposed to any vividly by the experience Of
setback. discount house Smith St- Aiibyn..

One extraordinary feature is It began the month By annbunc- profits,. -mdifferePt corpdrete
that although Laker was able to ing that Its reserves had been liqukjEty and ,a- ^rxmg. equity
raise all this money,; it was wiped out and adting share- market suggeste thait p>kpty of
apparently not deemed suffi- holders to subscribe ^ to new profit . amrouneMneriEs will be
cientiy creditworthy to secure shares to rescue the busfiness.; (accompanied wtth righto msaas.

■*1.

■•fiish*

TT * k '■*

^hi a**

seks

>css

of the now laws is becoming wider wnrl deeper.

legulatacy age n cies, it isin^ortaiif for yoii to be aware ofCTeiynBw:dsvBldpmHiL ■

it.

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